India: Apollo Hospitals Enterprise, S&P BSE SENSEX Index, Agile Property Holdings, Greenko Energy Holdings and more

• The changes to the NIFTY Index (NIFTY INDEX), Nifty Bank Index (NSEBANK INDEX) and NIFTY NEXT50 Indices were announced on 24 February and will be implemented at the close today.
• There is a fair amount to trade on the NIFTY Index (NIFTY INDEX) and Nifty Bank Index (NSEBANK INDEX) stocks given the sizeable passive assets that track the indices.
• There is pre-positioning on some of the names and there could be opportunities to build positions to play for a reversal.

• The S&P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.
• This series will mainly focus on the following indices of the S&P BSE family: S&P BSE 500, S&P BSE 200, S&P BSE 100, and S&P BSE SENSEX.
• In this insight, we take a brief look at the constituent selection methodology and the historical price performance of Index Rebalance Events for the above-mentioned indices.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Anton Oilfield
• Vedanta Resources

The Greenko group launched a roadshow for new USD 3-year 144A/RegS green notes yesterday, with the roadshow to end today. The bonds are expected to be rated Ba1/BB by Moody’s/Fitch. This is the first project bond issuance from a renewable energy storage project in India. The deal is forecast to price early this week.

In our view, the proposed bonds rank slightly less favourably than the existing GRNKEN notes, as they are backed by a project that is not yet operational (unlike the other bonds). However, this is partly offset by: [1] the parent guarantor’s credit strength; and [2] the short tenor (three years) of the proposed notes.