External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>DLF has created a new benchmark in NCR luxury real estate with differentiated offerings like Camellias, Arbour, Privana</li><li>NCR developers are trying to mimic what DLF has created, though delivering substantial lower product value to customers</li><li>NCR buyer profile is largely HNI families buying home with INR 60mn+ ticket size</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.

DLF has created a new benchmark in NCR luxury real estate with differentiated offerings like Camellias, Arbour, PrivanaNCR developers are trying to mimic what DLF has created, though delivering substantial lower product value to customersNCR buyer profile is largely HNI families buying home with INR 60mn+ ticket sizeContent 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.

DLF: Play on Premiumization. Maintain BUY

<ul><li>In FY24, DLF recorded its annual presales of INR 148bn (-2% YoY), beating its annual guidance of INR 130bn</li><li>This was mainly due to sustained demand in underlying markets and a diversified pipeline of new products</li><li>DLF had a major new launch – Privana South—which recorded &gt;50% of annual presales at INR 72bn</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 FY24, DLF recorded its annual presales of INR 148bn (-2% YoY), beating its annual guidance of INR 130bnThis was mainly due to sustained demand in underlying markets and a diversified pipeline of new productsDLF had a major new launch – Privana South—which recorded &gt;50% of annual presales at INR 72bnContent 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.

DLF: Luxury Offerings Gaining Steam. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury housing categories</li><li>This trend is supported by favorable economic conditions and positive buyer sentiment</li><li>Real estate sector is entering a phase of strategic consolidation post a blockbuster FY24</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.

Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury housing categoriesThis trend is supported by favorable economic conditions and positive buyer sentimentReal estate sector is entering a phase of strategic consolidation post a blockbuster FY24Content 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.

Real Estate (Q4FY25 Results Preview): Consolidation coming

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> faces a $2.81 billion demand in a gas dispute, plans to challenge Delhi High Court ruling in Supreme Court.</li>
<li>Haldiram's stake sale faces delays as market downturn prompts <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> to exit, citing high valuations; <a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a> interest continues.</li>
<li>SEBI’s new open interest rules may impact BSE’s trading volumes, prompting <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a> to cut its target price to Rs. 4,880.</li>
</ul>



Reliance Industries (RIL IN) faces a $2.81 billion demand in a gas dispute, plans to challenge Delhi High Court ruling in Supreme Court.
Haldiram's stake sale faces delays as market downturn prompts Blackstone (BX US) to exit, citing high valuations; Temasek Holdings Pte Ltd (TMSK SP) interest continues.
SEBI’s new open interest rules may impact BSE’s trading volumes, prompting Goldman Sachs Group (GS US) to cut its target price to Rs. 4,880.


#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing margins</li><li>IOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing marginsIOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimatesEarnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPGContent 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.

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

DLF: Play on Premiumization. Maintain BUY

DLF has created a new benchmark in NCR luxury real estate with differentiated offerings like Camellias, Arbour, Privana. NCR developers are trying...

HDFC Securities

DLF: Luxury Offerings Gaining Steam. Maintain BUY

In FY24, DLF recorded its annual presales of INR 148bn (-2% YoY), beating its annual guidance of INR 130bn. This was mainly due to sustained demand...

HDFC Securities

Real Estate (Q4FY25 Results Preview): Consolidation coming

Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury...

HDFC Securities

#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

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DLF: Play on Premiumization. Maintain BUY

DLF has created a new benchmark in NCR luxury real estate with differentiated offerings like Camellias, Arbour, Privana. NCR developers are trying...

HDFC Securities

DLF: Luxury Offerings Gaining Steam. Maintain BUY

In FY24, DLF recorded its annual presales of INR 148bn (-2% YoY), beating its annual guidance of INR 130bn. This was mainly due to sustained demand...

HDFC Securities

Real Estate (Q4FY25 Results Preview): Consolidation coming

Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury...

HDFC Securities

#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

​Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem...

HDFC Securities

Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...