Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Max Healthcare Institute / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.


Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.</li>
<li>
<a href="https://www.smartkarma.com/entities/central-depository-services" target="_blank" data-smartkarma-citation="entities:27902:1" rel="noopener">Central Depository Services (CDSL IN)</a>'s stock price has dropped following the announcement of <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL</a>'s IPO price band and the muted results could lead to further downside in the stock.</li>
</ul>



NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.

Central Depository Services (CDSL IN)'s stock price has dropped following the announcement of NSDL's IPO price band and the muted results could lead to further downside in the stock.


NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a>'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore</li>
<li>As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.</li>
<li>Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.</li>
</ul>



NSDL (NSDL IN)'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.


NSDL IPO Analysis: India's First & Largest Depository

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently five pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently five pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>With the review period nearing completion, there could be 4 changes (including 1 migration) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.</li>
<li>Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.</li>
</ul>


With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.


NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

India

Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

Price Gauge
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Union Bank Of India (UNBK IN)

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL is looking to list by selling up to INR40bn of stock at a valuation of up to INR160bn. No Fast Entry to global indices. Stock could be added...

Brian Freitas

NSDL IPO Analysis: India's First & Largest Depository

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

These are our final expectations for ADDs/DELs for the NIFTY index family for the September 2025 index review. The reference period ended on 31st...

Janaghan Jeyakumar, CFA

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL is looking to list by selling up to INR40bn of stock at a valuation of up to INR160bn. No Fast Entry to global indices. Stock could be added...

Brian Freitas

NSDL IPO Analysis: India's First & Largest Depository

​NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

​Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.