External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

<ul><li>We resume coverage on Vedanta (VEDL) with a BUY rating.</li><li>We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its aluminium (Al) and Zinc-India (Zn-India) divisions.</li><li>Key points: 1) Significant volume growth aspirations for all divisions</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.

We resume coverage on Vedanta (VEDL) with a BUY rating.We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its aluminium (Al) and Zinc-India (Zn-India) divisions.Key points: 1) Significant volume growth aspirations for all divisionsContent 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.

Vedanta -  2Vs and 1C Lend the Base Punch

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>We visited Vedanta Ltd’s world-class assets in Odisha and Rajasthan and saw operations of its i) Aluminium smelter which is the world’s largest single-location smelter located at Jharsuguda, Odisha placed at 1st quartile of the cost curve,</li><li>ii) SK Mine at Dariba, Rajasthan, which is one of the largest zinc-lead producing assets globally and world’s second-largest silver producing mine, and lastly</li><li>iii) Its Oil &amp; Gas operations at Cairn India, which included Mangala well pads, Central polymer facility, and Mangala processing terminal visit.</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.

We visited Vedanta Ltd’s world-class assets in Odisha and Rajasthan and saw operations of its i) Aluminium smelter which is the world’s largest single-location smelter located at Jharsuguda, Odisha placed at 1st quartile of the cost curve,ii) SK Mine at Dariba, Rajasthan, which is one of the largest zinc-lead producing assets globally and world’s second-largest silver producing mine, and lastlyiii) Its Oil &amp; Gas operations at Cairn India, which included Mangala well pads, Central polymer facility, and Mangala processing terminal visit.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.

Vedanta - Vedanta Ltd – Deleveraging + Project Execution Focus

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, with earnings, <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> announced that it would delist its ADS, making an application on or around 13 January.</li>
<li>This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. </li>
<li>But it is MUCH more interesting than that. There is lots of fun to be had here. </li>
</ul>


Yesterday, with earnings, Tata Motors Ltd (TTMT IN) announced that it would delist its ADS, making an application on or around 13 January.
This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. 
But it is MUCH more interesting than that. There is lots of fun to be had here. 


Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

Yesterday after the close, <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> made an announcement of Intention to delist American Depositary Shares from the New York Stock Exchange and terminate its American Depositary Share Program.This has been a big mover. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/231/745/original/Screenshot+2021-09-25+at+11.33.54+PM.png?1632584056" class="editor-image img-responsive" data-smartkarma-image-id="231745"></figure></section>The elimination of the ADS sets up a group of Very Interesting Possibilities and it is worthwhile working through what those possibilities are, and what the timing could be.

Yesterday after the close, Vedanta Ltd (VEDL IN) made an announcement of Intention to delist American Depositary Shares from the New York Stock Exchange and terminate its American Depositary Share Program.This has been a big mover. The elimination of the ADS sets up a group of Very Interesting Possibilities and it is worthwhile working through what those possibilities are, and what the timing could be.

Vedanta To Eliminate Its ADRs - Creates VERY Interesting Possibilities

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL US)

Vedanta - 2Vs and 1C Lend the Base Punch

We see VEDL weaving its growth story around two ‘Vs’ and one ‘C’ viz. volume, value, and cost reduction–across segments, especially in its...

ICICI Securities Limited

Vedanta - Vedanta Ltd – Deleveraging + Project Execution Focus

As a rule of thumb, 1 tonne of steel plant should fetch $1 Bn in valuation. Valuation: On a 12MF consensus basis, Vedanta Ltd is trading at 5.0x EV...

Axis Direct

Tata Motors ADS Delisting - Here We Go Again - Lots of Fun To Be Had!

Tata Motors will delist its ADS and eliminate its programme. Delisting will be late January. Elimination up to 6mos later. That means extraordinary...

Travis Lundy

Vedanta To Eliminate Its ADRs - Creates VERY Interesting Possibilities

VEDL is going to eliminate its ADS. This is not benign. For anyone. Near-term or short-term. There are opportunities in the interim.

Travis Lundy

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