Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, with earnings, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> announced that it would delist its ADS, making an application on or around 13 January.</li>
<li>This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. </li>
<li>But it is MUCH more interesting than that. There is lots of fun to be had here. </li>
</ul>


Yesterday, with earnings, Tata Motors Ltd (TTMT IN) announced that it would delist its ADS, making an application on or around 13 January.
This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. 
But it is MUCH more interesting than that. There is lots of fun to be had here. 


Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

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

<ul>
<li>Post market close yesterday, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> announced that it intended to delist <a href="https://www.smartkarma.com/entities/tata-motors-adr" target="_blank" data-smartkarma-citation="entities:12763:1" rel="noopener">Tata Motors ADR (TTM US)</a> and terminate its ADS program.</li>
<li>The easiest option for most ADS holders will be to sell the ADS. That could take the ADS lower and to trade at a discount to the underlying shares.</li>
<li>Sell <a href="https://www.smartkarma.com/entities/tata-motors-adr" target="_blank" data-smartkarma-citation="entities:12763:1" rel="noopener">Tata Motors ADR (TTM US)</a> outright or sell the ADS/buy <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> for an arb trade.</li>
</ul>


Post market close yesterday, Tata Motors Ltd (TTMT IN) announced that it intended to delist Tata Motors ADR (TTM US) and terminate its ADS program.
The easiest option for most ADS holders will be to sell the ADS. That could take the ADS lower and to trade at a discount to the underlying shares.
Sell Tata Motors ADR (TTM US) outright or sell the ADS/buy Tata Motors Ltd (TTMT IN) for an arb trade.


Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

<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

David Blennerhassett

<ul>
<li>In April, reportedly <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> might sell <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.</li>
<li>The Nikkei says the JIP consortium is the "Preferred Bidder" for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse</li>
<li>Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> private.</li>
</ul>


In April, reportedly Renault (RNO FP) might sell Nissan (7201 JP) shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.
The Nikkei says the JIP consortium is the "Preferred Bidder" for Toshiba Corp (6502 JP). That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse
Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play Golden Energy &amp; Resources (GER SP) private.


Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

<ul>
<li>In this insight, we take a look at the names leading the race to become 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 ends on 31st October 2022.</li>
<li>At present, I see one change for SENSEX, three changes for BSE 100, and six changes for BSE 200. </li>
</ul>


In this insight, we take a look at the names leading the race to become 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 ends on 31st October 2022.
At present, I see one change for SENSEX, three changes for BSE 100, and six changes for BSE 200. 


S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors ADR (TTM US)

Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

Tata Motors will delist its ADS and eliminate its programme. Delisting will be late January. Elimination up to 6mos later. That means extraordinary...

Travis Lundy

Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Tata Motors intends to delist its ADSs and terminate the ADS program. We expect most ADS holders will look to sell and that could cause TTM to...

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

Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

Tata Motors could be a SENSEX ADD while Dr Reddy's could be a SENSEX DEL. There are multiple ADANI names with no derivative market linkage with...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

Tata Motors will delist its ADS and eliminate its programme. Delisting will be late January. Elimination up to 6mos later. That means extraordinary...

Travis Lundy

Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

Tata Motors intends to delist its ADSs and terminate the ADS program. We expect most ADS holders will look to sell and that could cause TTM to...

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

Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

S&P BSE/Sensex Quiddity Leaderboard Dec 22: Adani Names with F&O Question Marks Still in the Race

Tata Motors could be a SENSEX ADD while Dr Reddy's could be a SENSEX DEL. There are multiple ADANI names with no derivative market linkage with...

Janaghan Jeyakumar, CFA

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