Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.</li>
<li>Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.
Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.</li>
<li>The BSE 100 handling rules for names <em>without</em> futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.</li>
<li>The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
At present, 3 changes for the BSE 100 index and 7 changes for the BSE 200 index.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could get into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS. </li>
<li>Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.</li>
<li>Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.</li>
</ul>



SAI Life Sciences (SAILS12 IN) is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS. 
Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.
Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.


Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma Ltd (GLAND IN)</a> reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.</li>
<li>Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.</li>
<li>Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.</li>
</ul>



Gland Pharma Ltd (GLAND IN) reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.
Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.
Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.


Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

India

Syngene International is a contract research, development, and manufacturing organization (CRDMO) that provides integrated scientific services across the drug discovery and development value chain. The company offers services ranging from early-stage research to commercial-scale manufacturing, catering to pharmaceutical, biotechnology, animal healthcare, consumer goods, and agrochemical companies worldwide. Syngene International was founded in 1993 and is headquartered in Bangalore, India.

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Syngene International (SYNG IN)

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

SAI Life Sciences Pre-IPO Tear Sheet

Sai Life Sciences is planning to raise INR50B via Indian IPO. The IPO consists of a fresh issue of INR8B and OFS of up to ~62M shares by its...

Tina Banerjee

Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

We see Zomato as a BSE 100 DEL for December 2024 as it currently violates one of the derivative linkage requirements. Zomato's fate will depend on...

Janaghan Jeyakumar, CFA

SAI Life Sciences Pre-IPO Tear Sheet

Sai Life Sciences is planning to raise INR50B via Indian IPO. The IPO consists of a fresh issue of INR8B and OFS of up to ~62M shares by its...

Tina Banerjee

Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

​Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...

Tina Banerjee

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Quiddity Leaderboard BSE/SENSEX Dec 24: Could Zomato's Share Price Rally Become a Problem?

Gland Pharma reports steady growth in base business and is confident to end FY24 on high note. While the US will remain main growth driver, the...