External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24</li><li>While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gap</li><li>Nonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoon</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.

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gapNonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoonContent 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.

FMCG/Alco Bev & QSR - Challenging Demand Environment

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

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

Equity Bottom-Up

<ul>
<li>Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.</li>
<li>Strong operational updates <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>; <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a> &amp; <a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a>.  </li>
<li>The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.</li>
</ul>


Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.
Strong operational updates Info Edge India (INFOE IN); Aavas Financiers Ltd (AAVAS IN) &amp; Sula Vineyards (SULA IN).  
The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.


[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

<ul><li>ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio</li><li>Cigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high base</li><li>Differentiated and premium offerings continued to perform well</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.

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolioCigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high baseDifferentiated and premium offerings continued to perform wellContent 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: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

<ul><li>Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)</li><li>Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarter</li><li>Recovery in rural markets remained below expectations while urban demand was steady</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.

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarterRecovery in rural markets remained below expectations while urban demand was steadyContent 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.

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

India

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

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Marico Ltd (MRCO IN)

FMCG/Alco Bev & QSR - Challenging Demand Environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

HSIE Results Daily: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio

HDFC Securities

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year...

HDFC Securities

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FMCG/Alco Bev & QSR - Challenging Demand Environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

​Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

HSIE Results Daily: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio

HDFC Securities

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year...

HDFC Securities

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...