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.

Thematic (Sector/Industry)

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to the flooding at its Sierre operations.</li><li>Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.</li><li>NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.</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.

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to the flooding at its Sierre operations.Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.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.

Top Conviction Ideas – “Metals and Mining”

Equity Bottom-Up

<ul><li>CIL reported a strong set of numbers with Adjusted EBITDA (ex OBR), beating our estimate by 11%.</li><li>Revenue from operations stood at Rs 33,170 Cr (flat YoY, down 3% QoQ), missing our estimate by 3% and consensus by 8%, indicating an ASP of Rs 1,675/t, 3% below our assumption.</li><li>The miss in ASP might have been due to a lower e-auction premium against our estimate of 54% over FSA prices.</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.

CIL reported a strong set of numbers with Adjusted EBITDA (ex OBR), beating our estimate by 11%.Revenue from operations stood at Rs 33,170 Cr (flat YoY, down 3% QoQ), missing our estimate by 3% and consensus by 8%, indicating an ASP of Rs 1,675/t, 3% below our assumption.The miss in ASP might have been due to a lower e-auction premium against our estimate of 54% over FSA prices.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.

Coal India - EBITDA Beat Driven By Lower Employee and RM Costs

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

Event-Driven

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

<ul><li>CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates.</li><li>Reported EBITDA at Rs 11,338 Cr (up 21% YoY, down 13% QoQ), beat the consensus by 11%, led by lower RM costs (due to inventory build-up ahead of the peak summer which drove the cost of RM down) and change in the accounting policy for the stripping activity.</li><li>Adj. EBITDA excluding stripping activity missed our estimate by 12% at Rs 9,844 Cr (up 14% YoY, down 18% QoQ), mainly driven by higher employee and contractual expenses. </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.

CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates.Reported EBITDA at Rs 11,338 Cr (up 21% YoY, down 13% QoQ), beat the consensus by 11%, led by lower RM costs (due to inventory build-up ahead of the peak summer which drove the cost of RM down) and change in the accounting policy for the stripping activity.Adj. EBITDA excluding stripping activity missed our estimate by 12% at Rs 9,844 Cr (up 14% YoY, down 18% QoQ), mainly driven by higher employee and contractual expenses. 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.

Coal India - E-Auction Volumes Recover; Premiums Better Than Expected

<ul><li>CIL posted robust results with EBITDA/PAT beating ours and consensus estimates.</li><li>Total consolidated revenue stood at Rs 36,154 Cr (up 3%/10% YoY/QoQ), which was in line with our estimates.</li><li>EBITDA stood significantly ahead of our and consensus estimate at Rs 11,373 Cr (up 9%/40% YoY/QoQ), mainly led by lower RM costs (down 41%/47% YoY/QoQ) and stable employee expenses (flat YoY, down by 1% QoQ). </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.

CIL posted robust results with EBITDA/PAT beating ours and consensus estimates.Total consolidated revenue stood at Rs 36,154 Cr (up 3%/10% YoY/QoQ), which was in line with our estimates.EBITDA stood significantly ahead of our and consensus estimate at Rs 11,373 Cr (up 9%/40% YoY/QoQ), mainly led by lower RM costs (down 41%/47% YoY/QoQ) and stable employee expenses (flat YoY, down by 1% QoQ). 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.

Coal India  - Robust Q3 Results; Lower Costs Drive EBITDA Beat

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

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Coal India Ltd (COAL IN)

Top Conviction Ideas – “Metals and Mining”

Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.

Axis Direct

Coal India - EBITDA Beat Driven By Lower Employee and RM Costs

CIL reported a strong set of numbers with Adjusted EBITDA (ex OBR), beating our estimate by 11%. Revenue from operations stood at Rs 33,170 Cr...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

Coal India - E-Auction Volumes Recover; Premiums Better Than Expected

CIL revenue at Rs 37,410 Cr (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates. Reported EBITDA at Rs 11,338 Cr (up...

Axis Direct

Coal India - Robust Q3 Results; Lower Costs Drive EBITDA Beat

EBITDA stood significantly ahead of our and consensus estimate at Rs 11,373 Cr (up 9%/40% YoY/QoQ), mainly led by lower RM costs (down 41%/47% YoY...

Axis Direct

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