External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

Oil & Natural Gas Corp / Equity Bottom-Up

<ul><li>Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).</li><li>PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.</li><li>Oil and gas production continued to decline 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.

Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).PAT increased 34.1% to Rs119.8bn on a standalone basis (PLe: Rs92.7bn, BBGe: Rs107.3bn) led by higher other income and lower tax rate.Oil and gas production continued to decline 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.

Oil & Natural Gas Corporation - Production Ramp-Up Key Monitorable

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>ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate.</li><li>PAT was 30% above our estimate, mainly aided by higher other income.</li><li>In the conference call, the management highlighted that gas from new wells from nominated blocks will be priced at 12% slope to the Indian crude basket price.</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.

ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate.PAT was 30% above our estimate, mainly aided by higher other income.In the conference call, the management highlighted that gas from new wells from nominated blocks will be priced at 12% slope to the Indian crude basket price.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.

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

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
In this note, we talk about the company’s historical performance.


Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Oil and Natural Gas Corporation (ONGC) stock rallied 40% and outperformed the Sensex by 21% in CY23YTD, as Brent crude price increased from USD 81/bbl at the beginning of CY23 to a high USD 96/bbl seen in Octoer 2023</li><li>However, going ahead we see limited upside to ONGC’s crude price realisation in the current environment of windfall tax (which has not allowed ONGC to earn more than USD 75/bbl since the levy of the tax on 1 July 2022), slowing global oil demand, strong non-OPEC+ oil production growth and increasing spare OPEC oil capacity</li><li>ONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall under APM.</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.

Oil and Natural Gas Corporation (ONGC) stock rallied 40% and outperformed the Sensex by 21% in CY23YTD, as Brent crude price increased from USD 81/bbl at the beginning of CY23 to a high USD 96/bbl seen in Octoer 2023However, going ahead we see limited upside to ONGC’s crude price realisation in the current environment of windfall tax (which has not allowed ONGC to earn more than USD 75/bbl since the levy of the tax on 1 July 2022), slowing global oil demand, strong non-OPEC+ oil production growth and increasing spare OPEC oil capacityONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall under APM.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.

ONGC: Limited Earnings Growth Prospects. Downgrade to REDUCE

India

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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Oil & Natural Gas Corp (ONGC IN)

Oil & Natural Gas Corporation - Production Ramp-Up Key Monitorable

Oil and Natural Gas Corporation’s (ONGC) operating profit stood at Rs182.4bn (down 2% QoQ, PLe: Rs181.5bn, BBGe: Rs189.9bn).

Prabhudas Lilladhar

ONGC -Volume Growth Key Catalyst in FY26

ONGC’s reported EBITDA stood at INR182b (flat YoY) in 2QFY25, in line with our estimate. PAT was 30% above our estimate, mainly aided by higher...

Motilal Oswal

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

Ventive Hospitality is looking to raise about US$188m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

ONGC: Limited Earnings Growth Prospects. Downgrade to REDUCE

ONGC’s gas price realisation too is unlikely to change significantly, as APM gas price is frozen till March 2025 and 95% of ONGC’s gas sales fall...

HDFC Securities

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