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.

Thematic (Sector/Industry)

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQ</li></ul><p><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></p>

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent 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: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. </li><li>During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)</li><li>In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipeline</li></ul><p><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></p>

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipelineContent 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, DCB Bank

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></div></div></div></div></div><p><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></p>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.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 and Gas Sector - Subsidy Overhang to Reduce

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

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

<div><ul><li>Strong refining margin to partially offset marketing losses - <span style="font-size: var(--content-font-size);">IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.</span></li></ul><div><ul><li>GRMs remain strong; refining throughput inline - <span style="font-size: var(--content-font-size);">Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).</span></li></ul><div><ul><li>Valuation and view - <span style="font-size: var(--content-font-size);">In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).</span></li></ul></div></div></div><p><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></p>

Strong refining margin to partially offset marketing losses - IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter.GRMs remain strong; refining throughput inline - Standalone EBITDA stood at INR116.3b (-14% YoY, -18% QoQ), with PAT at INR60.2b, translating into an EPS of INR6.6 (est. INR8.9).Valuation and view - In FY22, EBITDA rose 14% YoY to INR432b, with PAT at INR242b (+11%).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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Net revenue came in at Rs1,772.9bn vs NBIE estimate of Rs2,071.6bn and a 9% miss vs street; it was up 43.3% YoY.</li></ul><div><div><div><div><ul><li>EBITDA stood at Rs116.3bn vs. NBIE estimate of Rs121.8bn and 2.9% miss vs street; it was down 13.8% YoY.</li></ul><div><div><div><div><ul><li>4QFY22 Petchem segment performance was also under pressure – segment revenue was up from Rs63.82bn in 4QFY21 to Rs80</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Net revenue came in at Rs1,772.9bn vs NBIE estimate of Rs2,071.6bn and a 9% miss vs street; it was up 43.3% YoY.EBITDA stood at Rs116.3bn vs. NBIE estimate of Rs121.8bn and 2.9% miss vs street; it was down 13.8% YoY.4QFY22 Petchem segment performance was also under pressure – segment revenue was up from Rs63.82bn in 4QFY21 to Rs80Content 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.

IOC- Refining Gain Offset by Marketing Pain

India

Indian Oil Corporation Limited explores for and refines crude oil, in addition to manufacturing petroleum & petroleum products. The Company's products include lubricating oils, liquid petroleum gas, aviation turbine fuels, greases, wax, bitumen and asphalt. Indian Oil Corporation has retail outlets throughout India. The greatest majority shareholding in the Company is held by Indian Government.

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Indian Oil Corp (IOCL IN)

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, DLF, DCB Bank

During Q1FY23, DLF booked robust presales of INR 20.4bn (+101/-25% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn.

HDFC Securities

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

4QFY22 Results Update - IOCL

IOCL’s reported 4QFY22 numbers were below our estimates, with GRM at USD18.5/bbl and marketing margin at INR2.3/liter. Refinery throughput was in line

Motilal Oswal

IOC- Refining Gain Offset by Marketing Pain

We are maintaining Buy on Indian Oil Corp (IOC) after trimming SOTP based target price (TP) by 2.5% to Rs144. This is based on our revised...

Nirmal Bang

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