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

Index Rebalance

InterGlobe Aviation Ltd / Index Rebalance

<ul>
<li>As forecast, <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> will replace <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a> in the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> after the close on 19 December.</li>
<li>Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.</li>
<li>There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.</li>
</ul>


As forecast, InterGlobe Aviation Ltd (INDIGO IN) will replace Tata Motors (TTMT IN) in the S&amp;P BSE SENSEX Index (SENSEX INDEX) after the close on 19 December.
Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.
There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.


SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point</li><li>Weaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)</li><li>Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium term</li></ul><p><em>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.</em></p>

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this pointWeaker demand for JLR in key markets like Europe and China continues, leading to higher variable marketing expense (VME)Also, higher US tariffs and China’s luxury tax—both currently being absorbed by the OEMs to some extent—have structurally impacted the company’s cost base over the medium termContent 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 Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Physicswallah Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO, despite having a decent anchor book.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Physicswallah IPO Trading - Decent Anchor but Low Demand

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>The official index changes could be announced publicly in the next few days.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
The official index changes could be announced publicly in the next few days.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

Interglobe Aviation (INDIGO) replaces Tata Motors PV in the Sensex at the close on 19 Dec. Impact/flow is big, and positioning appears to be...

Brian Freitas

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

Interglobe Aviation (INDIGO) replaces Tata Motors PV in the Sensex at the close on 19 Dec. Impact/flow is big, and positioning appears to be...

Brian Freitas

HSIE Results Daily: Tata Motors Passenger Vehicles, Hero MotoCorp, Siemens, Apollo Tyres...

Tata Motors Passenger Vehicles: Management has indicated that even without the cyber incident, it would have amended JLR’s guidance at this point

HDFC Securities

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon