Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, there will be one index change for the BSE SENSEX index in December 2026.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, there will be one index change for the BSE SENSEX index in December 2026.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely; One More Close to the Border

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE). We have presented our estimations for selection ranks for ADDs/DELs for the upcoming index rebal event.</li>
<li>Since our last insight, there have been some sharp relative price moves among top-ranked index change candidates and our expectations have changed.</li>
<li>Today is the base date for the June 2026 review and we have presented our final expectations in this insight. </li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE). We have presented our estimations for selection ranks for ADDs/DELs for the upcoming index rebal event.
Since our last insight, there have been some sharp relative price moves among top-ranked index change candidates and our expectations have changed.
Today is the base date for the June 2026 review and we have presented our final expectations in this insight. 


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: All For Nothing; Final Expectations

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Trent (TRENT IN)

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely; One More Close to the Border

Potential ADD Hindalco Industries (HNDL IN) has moved into the top 21 by a narrow margin and that means at least one ADD/DEL is likely based on...

Janaghan Jeyakumar, CFA

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations

Trent remains the highest-ranked potential DEL. According to our estimates, Trent is expected to escape deletion in June 2026.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: One Change Likely; One More Close to the Border

Potential ADD Hindalco Industries (HNDL IN) has moved into the top 21 by a narrow margin and that means at least one ADD/DEL is likely based on...

Janaghan Jeyakumar, CFA

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: All For Nothing; Final Expectations

Trent remains the highest-ranked potential DEL. According to our estimates, Trent is expected to escape deletion in June 2026.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec26: One Change Likely; One More Close to the Border

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations