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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>Asia Index Private Limited has announced the changes to 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> for the upcoming review in June. The rebalance will be effective from the open on 21 June and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on 18 June.</p><p><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> will be included in the index replacing <a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>.</p><p><a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> was the highest ranking non-constituent but the Index Committee went with <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> to reduce the underweight of the Materials sector 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> vs the BSE All Cap index.</p><p><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> was deleted from 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> in December and makes its way back into the index after a big rally while out of the index.</p><p>Passive funds will need to buy 0.33 days of ADV on <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> and sell 1.63 days of ADV on <a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>. The actual impact will be higher since the delivery volumes on both stocks are much lower, especially on <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a>. </p>

Asia Index Private Limited has announced the changes to the S&amp;P BSE SENSEX Index (SENSEX INDEX) for the upcoming review in June. The rebalance will be effective from the open on 21 June and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on 18 June.Tata Steel Ltd (TATA IN) will be included in the index replacing Oil &amp; Natural Gas Corp (ONGC IN).Wipro Ltd (WPRO IN) was the highest ranking non-constituent but the Index Committee went with Tata Steel Ltd (TATA IN) to reduce the underweight of the Materials sector in the S&amp;P BSE SENSEX Index (SENSEX INDEX) vs the BSE All Cap index.Tata Steel Ltd (TATA IN) was deleted from the S&amp;P BSE SENSEX Index (SENSEX INDEX) in December and makes its way back into the index after a big rally while out of the index.Passive funds will need to buy 0.33 days of ADV on Tata Steel Ltd (TATA IN) and sell 1.63 days of ADV on Oil &amp; Natural Gas Corp (ONGC IN). The actual impact will be higher since the delivery volumes on both stocks are much lower, especially on Tata Steel Ltd (TATA IN). 

Sensex Index Rebalance: Tata Steel IN, ONGC OUT

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> announced its Q3FY21 earnings yesterday. It reported highest ever quarterly revenue. Key positive surprises were market share gain in the export market (90bp gain) and 25%+ growth in the spare parts business. Hero Motocorp also did well in the domestic market with 190bp market share gain. This coupled with low base effect helped Hero Motocorp post strong earnings. Revenues grew 40% YoY, EBITDA grew 36% YoY while PAT grew 23% YoY (losses at couple of associates tapered down the PAT growth). EBITDA margins at 14.5% came in within the medium-term guidance of 14-16% range.</p>

Hero Motocorp (HMCL IN) announced its Q3FY21 earnings yesterday. It reported highest ever quarterly revenue. Key positive surprises were market share gain in the export market (90bp gain) and 25%+ growth in the spare parts business. Hero Motocorp also did well in the domestic market with 190bp market share gain. This coupled with low base effect helped Hero Motocorp post strong earnings. Revenues grew 40% YoY, EBITDA grew 36% YoY while PAT grew 23% YoY (losses at couple of associates tapered down the PAT growth). EBITDA margins at 14.5% came in within the medium-term guidance of 14-16% range.

Hero Motocorp Q3FY21 Earnings - Highest Ever Quarterly Revenue

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Thematic (Sector/Industry)

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<p>This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of August, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. We also now report OEM volumes covering <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> , <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> ,<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> and <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> . </p>
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<p>August data shows the slight turn in consumers' behaviour towards the segment. With government initiatives now focussed on rejuvenating public transport, consumers are now backing away from private vehicle purchases. There has been an incredible growth in the two-wheeler segment and we also see an optimistic return to normalcy in rural India.</p>
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<p>This is a Joint insight with <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> </p>
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This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of August, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. We also now report OEM volumes covering Maruti Suzuki India (MSIL IN) , TVS Motor (TVSL IN) ,Eicher Motors (EIM IN) and Hero Motocorp (HMCL IN) . 


August data shows the slight turn in consumers' behaviour towards the segment. With government initiatives now focussed on rejuvenating public transport, consumers are now backing away from private vehicle purchases. There has been an incredible growth in the two-wheeler segment and we also see an optimistic return to normalcy in rural India.

This is a Joint insight with Nitin Mangal 



India Autos | Auto Tracker for August - YoY Volume Recovery

<p>This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of July, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. </p><p>July data continues to point towards recovery for Autos, especially for 4Ws.</p><div class="content-highlight"><p>This is a Joint insight with <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> </p></div>

This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of July, 2020. We look at four main aspects - the four wheeler vehicle segment, the two wheeler vehicle segment, vehicle registration data and alternative data search trends. July data continues to point towards recovery for Autos, especially for 4Ws.This is a Joint insight with Nitin Mangal 

India Autos | Auto Tracker for July - 4Ws Leading the Recovery

<p>Building on our earlier insight <a href="https://www.smartkarma.com/insights/india-autos-monthly-auto-tracker-for-april" target="_blank" data-smartkarma-citation="insights:39126" rel="noopener">India Autos | Monthly Auto Tracker for April</a> that tracks regular and alternative data, this month's data clearly indicates increasing interest for personal transport, compact and efficient vehicles and a preference towards motorcycles. </p>
<p>However, the same is yet to reflect in volumes as well as registration data.  The current search trends indicate interest is coming back and could indicate the worst in terms of volumes could potentially be soon over for the sector. </p>
<p>This is a Joint insight with <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> </p>

Building on our earlier insight India Autos | Monthly Auto Tracker for April that tracks regular and alternative data, this month's data clearly indicates increasing interest for personal transport, compact and efficient vehicles and a preference towards motorcycles. 
However, the same is yet to reflect in volumes as well as registration data.  The current search trends indicate interest is coming back and could indicate the worst in terms of volumes could potentially be soon over for the sector. 
This is a Joint insight with Nitin Mangal 

India Autos | Auto Tracker for May - Personal Transport Preference Increasing

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

Sensex Index Rebalance: Tata Steel IN, ONGC OUT

Tata Steel will replace ONGC in the Sensex after the close of trading on 18 June. Tata Steel is back in the index after a 6 month break. Rebalance...

Brian Freitas

Hero Motocorp Q3FY21 Earnings - Highest Ever Quarterly Revenue

Robust demand in domestic markets coupled with exponential growth potential across exports, spare parts in conjunction with margin expansion...

Ankit Agrawal, CFA

India Autos | Auto Tracker for August - YoY Volume Recovery

This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of August,...

Pranav Bhavsar

India Autos | Auto Tracker for July - 4Ws Leading the Recovery

This insight is a sequel to our monthly auto tracker insights. It covers the performance of the auto sector in India for the month of July, 2020....

Pranav Bhavsar

India Autos | Auto Tracker for May - Personal Transport Preference Increasing

Building on our earlier insight India Autos | Monthly Auto Tracker for April that tracks regular and alternative data, this month's data clearly...

Pranav Bhavsar

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