External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational and financial flexibility.</li><li>NTPC group is the leader in power production in India, with an installed capacity of 76.6 GW.</li><li>It has total under-construction projects of over 30 GW and approvals for 8 GW of thermal projects.</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.

NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational and financial flexibility.NTPC group is the leader in power production in India, with an installed capacity of 76.6 GW.It has total under-construction projects of over 30 GW and approvals for 8 GW of thermal projects.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.

Pick of the Week: NTPC - 22nd February, 2025

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.

<ul><li>NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.</li><li>Profitability at the PAT level was also hit by adverse movement in regulatory deferral account balances of INR3.6b.</li><li>Gross generation was up 2% YoY in 3QFY25 while plant availability across both coal and gas plants improved on a YoY basis.</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.

NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and previous year-related adjustments.Profitability at the PAT level was also hit by adverse movement in regulatory deferral account balances of INR3.6b.Gross generation was up 2% YoY in 3QFY25 while plant availability across both coal and gas plants improved on a YoY basis.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.

NTPC - Valuations Inexpensive but Execution to Watch Out For

<ul><li>Total capacity addition: As of 31st Dec’24, NTPC has a total installed capacity of 76,598 MW.</li><li>The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.</li><li>It expects the commissioning of a total capacity of 24.6 GW over FY25-27, with a capacity of ~7/7.7/9.9 GW expected to be commissioned at the consolidated level for FY25/26/27.</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.

Total capacity addition: As of 31st Dec’24, NTPC has a total installed capacity of 76,598 MW.The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.It expects the commissioning of a total capacity of 24.6 GW over FY25-27, with a capacity of ~7/7.7/9.9 GW expected to be commissioned at the consolidated level for FY25/26/27.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.

NTPC - Strong Q3, Growth Drivers Intact; Retain BUY

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

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>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index</a>, CNXIT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close tomorrow.</li>
<li>The round-trip trade across the indices is US$3.3bn and there are 13 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest inflows are <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a>, <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics</a>, <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank</a>, <a href="https://www.smartkarma.com/entities/bharat-heavy-electricals" target="_blank" data-smartkarma-citation="entities:460:1" rel="noopener">Bharat Heavy Electricals</a>, <a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp</a>, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India</a>, <a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics</a> and <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, NSE Nifty Bank Index, CNXIT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close tomorrow.
The round-trip trade across the indices is US$3.3bn and there are 13 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest inflows are Trent, Bharat Electronics, Canara Bank, Bharat Heavy Electricals, Oil &amp; Natural Gas Corp, Coal India, Hindustan Aeronautics and InterGlobe Aviation.


NIFTY Indices: Flows (Post Capping) At the Close Tomorrow; Round-Trip US$3.3bn

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

Pick of the Week: NTPC - 22nd February, 2025

NTPC Ltd (NTPC) is the largest power producer in the country. It was conferred a Maharatna status in 2010, which provides it with more operational...

Axis Direct

NTPC - Valuations Inexpensive but Execution to Watch Out For

NTPC (standalone)’s reported 3QFY25 EBITDA came in 2% above our estimates, though adjusted PAT was below due to a higher-than-expected tax rate and...

Motilal Oswal

NTPC - Strong Q3, Growth Drivers Intact; Retain BUY

The total under-construction capacity stands at over 30 GW, with thermal projects under construction at 17.6 GW, RE at 10.3 GW and hydro at 2.2 GW.

Axis Direct

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility India raised around US$250m in its India IPO in Nov 2024. Its six-month lockup on its pre-IPO investors will expire on 8th May 2025.

Akshat Shah

NIFTY Indices: Flows (Post Capping) At the Close Tomorrow; Round-Trip US$3.3bn

The next rebalance of the Nifty family of indices takes place at the close on 27 Sep. The round-trip trade is US$3.3bn and there are 13 stocks with...

Brian Freitas

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