External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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

<p>Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of Hindalco’s ‘Doubling the downstream’ strategy wherein the company has entailed a capex of US$1.1bn. The plant will also serve as an archetype for Hindalco's upcoming extrusions plant in Silvassa (Rs7.3bn capex for 34ktpa greenfield plant).</p><div class="content-highlight"><em>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.</em></div>

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of Hindalco’s ‘Doubling the downstream’ strategy wherein the company has entailed a capex of US$1.1bn. The plant will also serve as an archetype for Hindalco's upcoming extrusions plant in Silvassa (Rs7.3bn capex for 34ktpa greenfield plant).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.

Look downstream, look converter series - Focus on downstream remains key to value creation

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

Taiwan Semiconductor (TSMC) / Technical Analysis

<p>Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.</p>

Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

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

Motilal Oswal

<p>We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7% Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions.</p><div class="content-highlight"><em>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.</em></div>

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7% Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions.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 Industries: Margin Outlook Remains Strong

External broker reports(aggregated public sources), SMC Global

SMC Online

<p>20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore (accounting for 14.51% of total (accounting for 0.17% of total sales). Sales of Novelis segment has gone up 34.42% to Rs...</p><div class="content-highlight"><em>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.</em></div>

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore (accounting for 14.51% of total (accounting for 0.17% of total sales). Sales of Novelis segment has gone up 34.42% to Rs...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.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

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<h2>About India Channel Insight</h2>
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<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
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<p>For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN). </a></p>
<p>These takeaways will be interesting for investors in <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> , <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a> and <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> </p>
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About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like Voltas Ltd (VOLT IN) and Havells India (HAVL IN). 
These takeaways will be interesting for investors in Havells India (HAVL IN) , Voltas Ltd (VOLT IN), Amber Enterprises India (AMBER IN) and Dixon Technologies India Ltd (DIXON IN) 



India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

Look downstream, look converter series - Focus on downstream remains key to value creation

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...

ICICI Securities Limited

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Hindalco Industries: Margin Outlook Remains Strong

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7%. Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj...

Motilal Oswal

HINDALCO: 20.69% of total sales)

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore...

SMC Online

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

We share our takeaways from interaction with consumer durable industry professionals. These takeaways will be interesting for investors invested or...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Look downstream, look converter series - Focus on downstream remains key to value creation

Hindalco’s decision to acquire Hydro&#x27;s aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...

ICICI Securities Limited

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Hindalco Industries: Margin Outlook Remains Strong

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7%. Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj...

Motilal Oswal

HINDALCO: 20.69% of total sales)

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore...

SMC Online

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

We share our takeaways from interaction with consumer durable industry professionals. These takeaways will be interesting for investors invested or...

Pranav Bhavsar

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...