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.
Complete results can be found at www.institutionalinvestor.com/rankings.
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.
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.
Appearing on this year's rosters are 71 individuals from 22 firms, including four that didn't appear last year: Antique Stock Broking, Batlivala & Karani Securities India, IDFC Securities and PhillipCapital (India). Click here to view 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.