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>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than-expected other income</li><li>EBIT Margin for auto and FES segments both improved by 40bps QoQ to 6.1% and 16.4% respectively</li><li>M&amp;M has gained market share across its key categories in H1</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than-expected other incomeEBIT Margin for auto and FES segments both improved by 40bps QoQ to 6.1% and 16.4% respectivelyM&amp;M has gained market share across its key categories in H1Content 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: Mahindra & Mahindra, Ashok Leyland, Oil India, AGS Transact

<ul><li>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,145/sh (13x its Sep-24E consolidated EBITDA)</li><li>We continue to like DALBHARA for its robust volume and margin outlook along with balance sheet prudence</li><li>Dalmia reported healthy volume growth (+13% YoY)</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.

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,145/sh (13x its Sep-24E consolidated EBITDA)We continue to like DALBHARA for its robust volume and margin outlook along with balance sheet prudenceDalmia reported healthy volume growth (+13% YoY)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.

HSIE Results Daily: Dalmia Bharat, Mahindra & Mahindra Financial Services

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.</li><li>Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.</li><li>The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% YoY.</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.

The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% YoY.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.

Automotive Industry - Strong Momentum in PV & CV Sales

<ul><li>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</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 Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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.

Autos (Q2FY23 Results Preview): Margins likely to bottom out

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>AIPL has commenced a market consultation on amending the index universe to only include stocks that are a part of the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>This is likely driven by a bunch of Adani-group companies that are at the cusp of index inclusion and are not a part of the F&amp;O market.</li>
<li>Post implementation of the change, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> is a likely inclusion to the index in December, though that depends on <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> being deleted.</li>
</ul>


AIPL has commenced a market consultation on amending the index universe to only include stocks that are a part of the Futures &amp; Options (F&amp;O) segment of the market.
This is likely driven by a bunch of Adani-group companies that are at the cusp of index inclusion and are not a part of the F&amp;O market.
Post implementation of the change, Tata Motors Ltd (TTMT IN) is a likely inclusion to the index in December, though that depends on Dr. Reddy's Laboratories (DRRD IN) being deleted.


SENSEX Index Rebalance Preview: Market Consultation on Derivative Linkage & Impact

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

HSIE Results Daily: Mahindra & Mahindra, Ashok Leyland, Oil India, AGS Transact

Mahindra & Mahindra: Mahindra & Mahindra’s Q2 adjusted PAT, at INR 23.4bn, came in above our estimate of INR 19.5bn, primarily due to higher-than...

HDFC Securities

HSIE Results Daily: Dalmia Bharat, Mahindra & Mahindra Financial Services

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,145/sh (13x its Sep-24E consolidated EBITDA)

HDFC Securities

Automotive Industry - Strong Momentum in PV & CV Sales

The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.

Axis Direct

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

SENSEX Index Rebalance Preview: Market Consultation on Derivative Linkage & Impact

The market consultation makes derivatives linkage a necessary condition for index inclusion. That excludes a bunch of Adani group companies from...

Brian Freitas

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