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.

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<ul><li>SBI Life Insurance: SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)</li><li>We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail business</li><li>Our high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)</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.

SBI Life Insurance: SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail businessOur high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)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: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

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>Samvat 2079 proved to be an intriguing year for the Indian equity market, characterized by notable volatility in the first half.</li><li>Several factors contributed to this turbulence, including a) A hawkish central bank view on the interest rates, b) Rising bond yields, c) Rising Covid-19 cases in China towards the end of 2022, d) Imposition of lockdowns in the Chinese economy, e) Union budget-related developments, and f) Other macroeconomic challenges.</li><li>These occurrences collectively subdued market performance in the first half of Samvat. </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.

Samvat 2079 proved to be an intriguing year for the Indian equity market, characterized by notable volatility in the first half.Several factors contributed to this turbulence, including a) A hawkish central bank view on the interest rates, b) Rising bond yields, c) Rising Covid-19 cases in China towards the end of 2022, d) Imposition of lockdowns in the Chinese economy, e) Union budget-related developments, and f) Other macroeconomic challenges.These occurrences collectively subdued market performance in the first half of Samvat. 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.

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order book</li><li>EBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorption</li><li>The Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order bookEBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorptionThe Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23Content 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: Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

HSIE Results Daily: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of...

HDFC Securities

Diwali Muhurat Picks SAMVAT 2080

Samvat 2079 proved to be an intriguing year for the Indian equity market, characterized by notable volatility in the first half.

Axis Direct

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

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