External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs</li><li>Also, the decline in gross margin QoQ despite the best-ever mix has been a negative surprise</li><li>In India, while CV business performance has been impressive, PV business margin has been in line and Tata Motors Finance has again disappointed</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costsAlso, the decline in gross margin QoQ despite the best-ever mix has been a negative surpriseIn India, while CV business performance has been impressive, PV business margin has been in line and Tata Motors Finance has again disappointedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi, Indraprastha Gas

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>The reference period for the trading data used for the index selection ended on 31st October 2022.</li>
<li>There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
The reference period for the trading data used for the index selection ended on 31st October 2022.
There have been a couple of key revisions to the index selection methodologies for SENSEX and SENSEX Next 50 which could have important consequences.


S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

<ul><li>Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costs</li><li>Domestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentiment</li><li>Also, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in Nigeria</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costsDomestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentimentAlso, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in NigeriaContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

India

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

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Tata Elxsi Ltd (TELX IN)

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi, Indraprastha Gas

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs

HDFC Securities

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within...

HDFC Securities

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HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi, Indraprastha Gas

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs

HDFC Securities

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

S&P BSE/​Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index

I see one change for SENSEX, 3 ADDs/DELs for BSE 100, 5 ADDs/DELs for the BSE 200, and 13 ADDs/DELs for the BSE 500. I expect the potential ADDs...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within...

HDFC Securities

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Potential ADDs Could Outperform the Index