Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Thematic (Sector/Industry)

<h2>Oil Price</h2>
<p>Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of rising global demand for crude in the medium-term and potential supply disruptions from Iranian sanctions were overshadowed by market concerns around the risks of global trade disruptions from the US and China's ongoing dispute, likely downside risks to European crude demand from Turkey's crude imports given ongoing currency weakness and increased supply…</p>

Oil Price
Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of rising global demand for crude in the medium-term and potential supply disruptions from Iranian sanctions were overshadowed by market concerns around the risks of global trade disruptions from the US and China's ongoing dispute, likely downside risks to European crude demand from Turkey's crude imports given ongoing currency weakness and increased supply…

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/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> has demerged into 5 entities to unlock value through separate strategies and the removal of the holding company discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> is a member of the global indices, <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> and the demerger has index implications.</li>
<li>The timing of the listing of the demerged entities and the passive flows that follow will create trading opportunities.</li>
</ul>



Vedanta Ltd (VEDL IN) has demerged into 5 entities to unlock value through separate strategies and the removal of the holding company discount.

Vedanta Ltd (VEDL IN) is a member of the global indices, NSE Nifty Next 50 Index (NIFTYJR INDEX) and the demerger has index implications.
The timing of the listing of the demerged entities and the passive flows that follow will create trading opportunities.


Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

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

<ul>
<li>Vedanta has replaced its fixed 30%-of-profit dividend floor with a discretionary, board-driven framework. FY26 total payout of Rs. 13,279 crore is the lowest since FY21.</li>
<li>The contractual floor was the primary anchor of Vedanta's yield stock identity. With five separate boards now governing payout decisions post-demerger, the income predictability that warranted a premium valuation disappears.</li>
<li>The policy change is structurally tied to Vedanta Resources's deleveraging roadmap: lower mandatory upstreaming from VEDL gives the parent more flexibility to prioritize debt services.</li>
</ul>


Vedanta has replaced its fixed 30%-of-profit dividend floor with a discretionary, board-driven framework. FY26 total payout of Rs. 13,279 crore is the lowest since FY21.
The contractual floor was the primary anchor of Vedanta's yield stock identity. With five separate boards now governing payout decisions post-demerger, the income predictability that warranted a premium valuation disappears.
The policy change is structurally tied to Vedanta Resources's deleveraging roadmap: lower mandatory upstreaming from VEDL gives the parent more flexibility to prioritize debt services.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:</p><ul><li>Latin America is breaking out to all-time highs.</li><li>Tech--extended but still leadership.</li><li>Uptick in attractive consumer stocks.</li><li>Commodity sectors are strengthening.</li></ul>

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:Latin America is breaking out to all-time highs.Tech--extended but still leadership.Uptick in attractive consumer stocks.Commodity sectors are strengthening.

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

<ul>
<li>Vedanta Limited trades ex-demerger today, April 30; residual entity discovered at Rs 289, retaining zinc, copper, and ferro-chrome businesses.</li>
<li>The residual Vedanta is effectively  trading today at 289, whereas our SoTP suggest fair values of Rs 311.</li>
<li>Whether the residual Vedanta re-rates depends on dividend pass-through from HZL: a capital allocation policy shift flagged by Nuvama is the single largest swing factor investors should watch.</li>
</ul>


Vedanta Limited trades ex-demerger today, April 30; residual entity discovered at Rs 289, retaining zinc, copper, and ferro-chrome businesses.
The residual Vedanta is effectively  trading today at 289, whereas our SoTP suggest fair values of Rs 311.
Whether the residual Vedanta re-rates depends on dividend pass-through from HZL: a capital allocation policy shift flagged by Nuvama is the single largest swing factor investors should watch.


Vedanta Post-Demerger: Is It Worth Holding?

United Kingdom

Vedanta Resources is a diversified natural resources conglomerate specializing in metals and mining. The company's primary products include zinc, lead, silver, oil and gas, iron ore, steel, aluminium, and power. Headquartered in London, United Kingdom, Vedanta Resources was founded in 1976.

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Vedanta Resources (VED LN)

Global E&Ps: Energy Weekly Vol. 21

Oil Price Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of...

Aaditya Chintalapati, CFA

Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

Vedanta has continued trading after demerging multiple entities. The focus now moves to the demerged entities. When they start trading, how they...

Brian Freitas

Vedanta Ltd: Change in Dividend Policy!

Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...

Nimish Maheshwari

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

Vedanta Post-Demerger: Is It Worth Holding?

Vedanta Limited trades ex-demerger today at Rs 289, retaining zinc, copper. Residual entity may re-rate depending on dividend pass-through from HZL.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global E&Ps: Energy Weekly Vol. 21

Oil Price Crude oil prices fell for the sixth straight week, with WTI ending the week at USD 68.5/bbl and Brent at USD 73/bbl. Expectations of...

Aaditya Chintalapati, CFA

Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size)

Vedanta has continued trading after demerging multiple entities. The focus now moves to the demerged entities. When they start trading, how they...

Brian Freitas

Vedanta Ltd: Change in Dividend Policy!

​Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...

Nimish Maheshwari

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

Vedanta Post-Demerger: Is It Worth Holding?

​Vedanta Limited trades ex-demerger today at Rs 289, retaining zinc, copper. Residual entity may re-rate depending on dividend pass-through from HZL.

Nimish Maheshwari

Vedanta shifts from fixed dividend floor to discretionary framework, impacting payout predictability and premium valuation. Deleveraging roadmap...

Vedanta Limited trades ex-demerger today at Rs 289, retaining zinc, copper. Residual entity may re-rate depending on dividend pass-through from HZL.