External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>We believe Britannia’s biscuits portfolio can deliver mid to high single-digit volume growth (6% volume CAGR over FY14-24) in the medium term, courtesy (a) formalization being visible in the foods segment, given a high share of the unorganised market, (b) ramping up of its distribution network in focus states (predominantly Hindi heart belt), currently under-indexed, (c) focus on innovation and premiumization, (d) prioritising of in-house manufacturing (65% of sales), which improves product quality and reduces distance travelled, which helps bring down market returns, (e) increasing consumer preference for INR 10 SKU vs INR 5 SKU, as the former helps to satiate one’s appetite</li><li>The cherry on the cake is that the management realises there might be not enough growth coming from the well-penetrated biscuits category once it has covered gaps in distribution</li><li>As a result, it has started its transition from being a ‘biscuits and bakery’ company to a ‘food’ company via (a) emphasis on launching value-added products and customization in traditional and highly competitive categories (bread, cake rusk), (b) tying with strategic partners (Bel SA– cheese, croissant – Chipita), where it lacks strategic acumen, and (c) leveraging its distribution network for incubating high potential fast-growing categories (wafers, healthy snacks, etc.)</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.

We believe Britannia’s biscuits portfolio can deliver mid to high single-digit volume growth (6% volume CAGR over FY14-24) in the medium term, courtesy (a) formalization being visible in the foods segment, given a high share of the unorganised market, (b) ramping up of its distribution network in focus states (predominantly Hindi heart belt), currently under-indexed, (c) focus on innovation and premiumization, (d) prioritising of in-house manufacturing (65% of sales), which improves product quality and reduces distance travelled, which helps bring down market returns, (e) increasing consumer preference for INR 10 SKU vs INR 5 SKU, as the former helps to satiate one’s appetiteThe cherry on the cake is that the management realises there might be not enough growth coming from the well-penetrated biscuits category once it has covered gaps in distributionAs a result, it has started its transition from being a ‘biscuits and bakery’ company to a ‘food’ company via (a) emphasis on launching value-added products and customization in traditional and highly competitive categories (bread, cake rusk), (b) tying with strategic partners (Bel SA– cheese, croissant – Chipita), where it lacks strategic acumen, and (c) leveraging its distribution network for incubating high potential fast-growing categories (wafers, healthy snacks, etc.)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.

Britannia (4QFY24): Metamorphosis into a ‘total Food’ Company. Upgrade to ADD

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>In Q4FY24, BRIT demonstrated robust operating performance, achieving a 3% YoY revenue growth.</li><li>This growth was primarily driven by a volume increase of ~5%, supported by strategic price reductions aimed at mitigating competitive pressures and securing market share gains.</li><li>The management further highlighted that it’s aiming towards double-digit volume growth in H2FY25 (post-monsoon). </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 Q4FY24, BRIT demonstrated robust operating performance, achieving a 3% YoY revenue growth.This growth was primarily driven by a volume increase of ~5%, supported by strategic price reductions aimed at mitigating competitive pressures and securing market share gains.The management further highlighted that it’s aiming towards double-digit volume growth in H2FY25 (post-monsoon). 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.

Britannia Industries Ltd. - Strong Operating Performance Continues; Maintain BUY

<ul><li>We expect Britannia to deliver market-leading growth from here on as 1) Raw material prices, while still firm, have or will stabilize at the current levels, 2) Rural continues to remain stronger for Britannia (due to the company’s robust distribution expansion strategy in these regions) while other FMCG companies continue to struggle in this section.</li><li>Furthermore, the rural revival is expected to recover the overall FMCG sector in FY24, which will be supported by higher government spending and increased urban remittances.</li><li>BRIT’s own initiatives such as robust portfolio planning through NPD in core and adjacencies along with its continued focus on increasing direct reach, rural penetration, and a share of in-house manufacturing would help it improve its overall efficiency moving ahead. </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.

We expect Britannia to deliver market-leading growth from here on as 1) Raw material prices, while still firm, have or will stabilize at the current levels, 2) Rural continues to remain stronger for Britannia (due to the company’s robust distribution expansion strategy in these regions) while other FMCG companies continue to struggle in this section.Furthermore, the rural revival is expected to recover the overall FMCG sector in FY24, which will be supported by higher government spending and increased urban remittances.BRIT’s own initiatives such as robust portfolio planning through NPD in core and adjacencies along with its continued focus on increasing direct reach, rural penetration, and a share of in-house manufacturing would help it improve its overall efficiency moving ahead. 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.

Britannia Industries Ltd - Long-Term Story Remains Intact

Senior Equity Derivatives Trader

Simon Harris

Event-Driven

<ul>
<li>We screen the NIFTY Index components for yield enhancing opportunites</li>
<li>We screen for expensive options and combine with stock performances to find the best candidates</li>
<li>We identity 6 stocks where selling short-term premium makes sense</li>
</ul>


We screen the NIFTY Index components for yield enhancing opportunites
We screen for expensive options and combine with stock performances to find the best candidates
We identity 6 stocks where selling short-term premium makes sense


EQD | NIFTY Index: Option Selling Strategies for Short-Term Yield  (RIL,SBIN,SBILIFE,COAL,INFY,BRIT)

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> should replace <a href="https://www.smartkarma.com/entities/ltimindtree-ltd" target="_blank" data-smartkarma-citation="entities:22778:1" rel="noopener">LTIMindtree (LTIM IN)</a> and <a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> and <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> meet the free float market cap requirements but are not part of the F&amp;O segment.</li>
<li>Passive <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> trackers will need to trade at least 3.8 days of ADV and 9 days of delivery volume on the index changes.</li>
</ul>



Trent Ltd (TRENT IN) and Bharat Electronics (BHE IN) should replace LTIMindtree (LTIM IN) and Divi's Laboratories (DIVI IN) in the NIFTY Index (NIFTY INDEX) in September.

Jio Financial Services (JIOFIN IN) and Zomato (ZOMATO IN) meet the free float market cap requirements but are not part of the F&amp;O segment.
Passive NIFTY Index (NIFTY INDEX) trackers will need to trade at least 3.8 days of ADV and 9 days of delivery volume on the index changes.


NIFTY50 Index Rebalance Preview: Two High Probability Changes in September; Adds Are Flying

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Britannia Industries (BRIT IN)

Britannia (4QFY24): Metamorphosis into a ‘total Food’ Company. Upgrade to ADD

We believe Britannia’s biscuits portfolio can deliver mid to high single-digit volume growth (6% volume CAGR over FY14-24) in the medium term

HDFC Securities

Britannia Industries Ltd. - Strong Operating Performance Continues; Maintain BUY

This growth was primarily driven by a volume increase of ~5%, supported by strategic price reductions aimed at mitigating competitive pressures and...

Axis Direct

Britannia Industries Ltd - Long-Term Story Remains Intact

We expect Britannia to deliver market-leading growth from here on as 1) Raw material prices, while still firm, have or will stabilize at the...

Axis Direct

EQD | NIFTY Index: Option Selling Strategies for Short-Term Yield (RIL,SBIN,SBILIFE,COAL,INFY,BRIT)

A look at the single stocks in the NIFTY Index to identify candidates for over/underwrites and strangle selling. We highlight 6 trades.

Simon Harris

NIFTY50 Index Rebalance Preview: Two High Probability Changes in September; Adds Are Flying

Trent and Bharat Electronics could replace LTIM and Divi in the index in September. JioFin and Zomato are ineligible since not in F&O. Impact on...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)