External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to Rs 19,919.4 crore. Sales of Cement segment has gone up 54.21% to Rs 11,829.82 crore (accounting for 58.84% of total sales). Sales of Chemicals segment has gone up 104.75% to Rs 1,436.48 crore (accounting for 7.14% of...
<div class="content-highlight">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.</div>

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to Rs 19,919.4 crore. Sales of Cement segment has gone up 54.21% to Rs 11,829.82 crore (accounting for 58.84% of total sales). Sales of Chemicals segment has gone up 104.75% to Rs 1,436.48 crore (accounting for 7.14% of...
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.

Grasim Industries: Net Profit up 612% YoY to Rs 1667 Cr

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...<div class="content-highlight">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.</div>

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...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.

Earnings improve led by a recovery in the VSF segment

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

As we highlighted in last week’s Int’l Compass, the weight of the evidence suggests commodities are in the early stages of a new secular bull market. Global Materials remains a favorite Sector overweight and we believe outperformance is likely to continue considering the Sector’s long-term bullish RS reversal. Additionally, we are upgrading equal-weighted Energy to overweight due to bullish price and RS inflections -- add exposure with a focus on small- and mid-caps.

As we highlighted in last week’s Int’l Compass, the weight of the evidence suggests commodities are in the early stages of a new secular bull market. Global Materials remains a favorite Sector overweight and we believe outperformance is likely to continue considering the Sector’s long-term bullish RS reversal. Additionally, we are upgrading equal-weighted Energy to overweight due to bullish price and RS inflections -- add exposure with a focus on small- and mid-caps.

Global Commodity-Related Equity Sectors In Secular Bull

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

Overweight EM Vs. EAFE; Dollar Weakness Continues

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Thematic (Sector/Industry)

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

High Distress Levels: Indian Companies Caught Off-Guard

India

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

JK Cement Limited produces and manufactures Portland and White cement products.

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

Century Textiles and Industries Ltd. manufactures cement, cotton textiles and cotton yarn. The Company manufactures denim, shirts, suits, fabrics and dress materials, bed linens, home furnishings, viscose filament yarn, viscose tire yarn, caustic soda, sulphuric acid, liquid chlorine, hydrochloric acid, writing and printing papers, packaging board, and rayon and wood-based pulp.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Anhui Conch Cement Company Limited manufactures cement products. The Company produces silicate cements, slag silicate cements, composite silicate cements, cement clinkers, and other products. Anhui Conch Cement Cement markets its products throughout China and worldwide.

The Siam Cement Public Company Limited is a diversified industrial company. The Company's operations include cement manufacturing, petrochemicals manufacturing, paper manufacturing, building product manufacturing, and distribution.

Vulcan Materials Company produces construction aggregates.  The Company principal product lines are aggregates, asphalt mix and concrete, and cement.

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

Eagle Materials Inc. manufactures and distributes cement, gypsum wallboard, recycled paperboard, and concrete and aggregates.  The Company's products are used in the construction of homes, commercial and industrial buildings, and governmental buildings across the United States.

James Hardie Industries Plc manufactures building products for new home construction and remodeling.  The Company's products include fiber cement siding, backerboard, and pipe. James Hardie Industries operates in the United States, Australia and New Zealand.

Taiwan Cement Corporation manufactures and markets cement.  The Company's products include Portland cement, high strength cement, oil well cement, and sludge treatment agents.  Through its subsidiaries, the Company also operates in transportation, construction, and information products businesses.

Buzzi Unicem S.p.A., through subsidiaries, produces and markets building materials.  The Company produces cement and ready-mix concrete in Italy and the United States.

Heidelberg Materials AG produces and markets building materials and solutions. The Company offers cement, aggregates, and ready-mixed concrete. Heidelberg Materials serves customers worldwide.

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

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Grasim Industries (GRASIM IN)

Grasim Industries: Net Profit up 612% YoY to Rs 1667 Cr

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to...

SMC Online

Earnings improve led by a recovery in the VSF segment

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut...

Motilal Oswal

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Grasim Industries: Net Profit up 612% YoY to Rs 1667 Cr

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to...

SMC Online

Earnings improve led by a recovery in the VSF segment

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut...

Motilal Oswal

Global Commodity-Related Equity Sectors In Secular Bull

We believe commodities are in the early stages of a new secular bull market. Global Materials & Energy remain our favorite Sector overweights - add...

Vermilion Research

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal