External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.</li>
<li>The company’s operating profit, too, stood above our expectations at Rs 8,274 Cr, reporting a growth of 4.8% QoQ.</li>
<li>The company’s operating margins, expanded 40bps at 21.2%, largely led by lower operating expenses and a favourable currency mix during the quarter.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.
The company’s operating profit, too, stood above our expectations at Rs 8,274 Cr, reporting a growth of 4.8% QoQ.
The company’s operating margins, expanded 40bps at 21.2%, largely led by lower operating expenses and a favourable currency mix during the quarter.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd. - Results Outperform; Outlook Skeptical

<ul><li>FY23 proved to be the year of volatility and uncertainty for demand across the world.</li><li>Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment to customer-centricity amidst these challenging times.</li><li>The company posted industry-leading revenue growth of 15.4% in FY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY23 proved to be the year of volatility and uncertainty for demand across the world.Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment to customer-centricity amidst these challenging times.The company posted industry-leading revenue growth of 15.4% in FY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd - Robust Performance; Challenging Times Ahead in near Term

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd (INFO IN)

Infosys Ltd. - Results Outperform; Outlook Skeptical

In Q2FY24, Infosys Ltd (Infy) reported revenue of Rs 38,994 Cr, up 2.8% QoQ and 2.3% QoQ (in CC terms) which stood above our expectations.

Axis Direct

Infosys Ltd - Robust Performance; Challenging Times Ahead in near Term

Despite this uncertainty and volatility, Infosys performed well and demonstrated its resilient enegmaent with its clients as well as its commitment...

Axis Direct

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

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