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 index in the June 2026 index rebal event.</li>
<li>Roughly a month ago, it <em>looked like</em> there could be more than one index change in the next review. However, this is no longer the case.</li>
<li>We now see <em>only one</em> ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the June 2026 index rebal event.
Roughly a month ago, it looked like there could be more than one index change in the next review. However, this is no longer the case.
We now see only one ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India. The next rebalance for this index will take place in June 2026.</li>
<li>We previously expected only one index change. However, there is one more name getting close to the border and our expectations for ADDs/DELs can still change.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs and we explain how sector considerations can play a role in the selection of replacement ADDs.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India. The next rebalance for this index will take place in June 2026.
We previously expected only one index change. However, there is one more name getting close to the border and our expectations for ADDs/DELs can still change.
In this insight, we take a look at the Potential ADDs/DELs and we explain how sector considerations can play a role in the selection of replacement ADDs.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.


NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

India

Trent Limited is an Indian retail company and a part of the Tata Group, primarily engaged in the retailing of apparel, footwear, accessories, beauty products, and home decor. It operates various retail formats, including Westside for fashion and lifestyle, Zudio for value fashion, Utsa for Indian ethnic wear, and Star Bazaar for groceries. The company is headquartered in Mumbai, Maharashtra, India, and was originally incorporated in 1952 as Lakme Limited before being renamed Trent Limited in 1998.

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Trent (TRENT IN)

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Quiddity Leaderboard BSE SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

We see Hindalco Industries (HNDL IN) as an expected ADD and Trent Ltd (TRENT IN) as an expected DEL. Separately, Tech Mahindra (TECHM IN) is also...

Janaghan Jeyakumar, CFA

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

We see Hindalco Industries (HNDL IN) as an expected ADD and Trent Ltd (TRENT IN) as an expected DEL. Separately, Tech Mahindra (TECHM IN) is also...

Janaghan Jeyakumar, CFA

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

Quiddity Leaderboard BSE SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices