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Ranking Overview Methodology

Kotak Securities Is No. 1 on 2015 All-India Research Team

Kotak Securities jumps two notches to land in the top spot for the first time on the All-India Research Team, Institutional Investor’s exclusive annual ranking of the nation’s leading sell-side equity analysts. The firm captures 11 total team positions, two more than in 2014. Credit Suisse, in second place, also increases its team total by two, to nine, and as a result leaps three places.

The year’s biggest gainer is Macquarie Capital Securities, which rockets from No. 12 to No. 3 after picking up four positions, for a total of seven. It shares the third tier with last year’s winner, Morgan Stanley, whose total falls by four. Click on the Leaders link in the navigation table at right for details on the full list of ranked firms, including the four — Antique Stock Broking, Batlivala & Karani Securities India, IDFC Securities and PhillipCapital (India) — that didn’t appear on last year’s list.

The order changes when results are weighted — that is, a rating of four is assigned to each first-place position, three to each second-place position and so on. Credit Suisse then rules the roost, with a weighted score of 28, followed by Kotak, with 26. Morgan Stanley holds steady in third, with a score of 16. Deutsche Bank — which ties for eighth place overall (with Bank of America Merrill Lynch and Nomura), with four positions — lands at No. 4, with a weighted score of 12. Macquarie is just behind, with 11; it shares fifth place with Nomura. Click on Weighting the Results for more information.

A total of 71 individuals from 22 firms are cited on this year’s rosters. More than 150 analysts from some 30 entities met minimum-vote and other eligibility criteria but did not make the team, which is limited to the top three analysts or squads in each sector, plus runners-up where applicable. (Data regarding analysts and firms not appearing here are available from the Institutional Investor Research Group. For information please contact Alyssa Walker at 212-224-3677 or

Returning champs account for half of the leaders of the survey’s 16 categories:

  • Anubhav Aggarwal of Credit Suisse, Health Care & Pharmaceuticals
  • Chetan Ahya of Morgan Stanley, Economics
  • Abhijit Akella of IIFL, Agriculture
  • Venugopal Garre of Barclays, Capital Goods
  • Amit Golchha of Emkay Global Financial Services, Power
  • Vikash Mantri of ICICI Securities, Media
  • Manoj Menon of Deutsche Bank, Consumer/Discretionary and Consumer/Staples

Four advance from second place:

  • Neelkanth Mishra of Credit Suisse, Portfolio Strategy
  • Kawaljeet Saluja of Kotak Securities, Information Technology
  • Samar Sarda of Kotak Securities, Real Estate
  • Sunil Tirumalai of Credit Suisse, Telecommunications

One leaps from third:

  • Ashish Gupta of Credit Suisse, Financials

One vaults from runner-up:

  • Kapil Singh of Nomura, Autos & Auto Parts

And two analysts are No. 1 in sectors in which they did not rank last year:

  • Neelkanth Mishra of Credit Suisse, Basic Materials
  • Amit Rustagi of Antique Stock Broking, Oil & Gas

Researchers who capture first place in more than one sector:

  • Manoj Menon of Deutsche Bank:
    • Consumer/Discretionary
    • Consumer/Staples
  • Neelkanth Mishra of Credit Suisse:
    • Basic Materials
    • Portfolio Strategy

Other analysts who appear in multiple sectors:

  • Sameer Baisiwala of Morgan Stanley:
    • Health Care & Pharmaceuticals (No. 2)
    • Real Estate (No. 2)
  • Rohit Chordia of Kotak Securities:
    • Consumer/Discretionary (runner-up)
    • Consumer/Staples (No. 3)
    • Telecommunications (No. 2)
  • Vivek Maheshwari of CLSA:
    • Consumer/Discretionary (No. 3)
    • Consumer/Staples (runner-up)
  • Arnab Mitra of Credit Suisse:
    • Consumer/Discretionary (runner-up)
    • Consumer/Staples (No. 2)

Fifteen analysts make their first appearances on the team this year; the full list can be found here.

The 2015 All-India Research Team reflects the opinions of more than 250 buy-side analysts and money managers at nearly 150 institutions that collectively manage an estimated $120 billion in Indian equity assets.

To view the top-ranked analysts in each sector, click on the Best Analysts of the Year in the navigation table at right. Information about those who rank second, third or runner-up is available to subscribers only.

To learn more about how this ranking was compiled, click on Methodology.

How This Ranking Was Compiled

To select the members of the 2015 All-India Research Team, Institutional Investor sent questionnaires covering 17 investment sectors to buy-side analysts and money managers at leading asset management firms around the world. We received responses from more than 250 individuals at nearly 150 institutions that collectively manage an estimated $120 billion in Indian equity assets.

A numerical score is produced for each analyst based on the respondent’s Indian equity assets under management and on the rank awarded to the individual (first, second, third or fourth). Those scores are used to determine the rankings. An analyst is designated a runner-up when his or her score falls within 35 percent of the third-teamer’s score. Researchers who switched firms after August 28, 2015, are cited at their previous organizations.

The names of those surveyed and the institutions they work for are kept confidential to ensure their continuing cooperation. Voters must meet eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.

The fifth annual All-India Research Team survey produced complete results (first through third places) in 13 industry sectors and two macroeconomic disciplines. Agriculture fields first- and second-place winners only, and Small- & Mid-Capitalization Stocks did not garner sufficient votes to warrant publication.

This ranking was compiled by Associate Research Editor Denise Hoguet and Researcher Amy Kong under the guidance of Senior Research Editor Tucker Ewing and Thomas W. Johnson, Director of Research.

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