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

<div><div><div><div><ul><li>Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.</li></ul><div><div><div><div><ul><li>Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.</li></ul><div><div><div><div><ul><li>SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPL</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPLContent 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.

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>We are past the halfway mark in the review period of the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> September rebalance. We see one potential change which should be announced end August.</li>
<li>There is a high probability of <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> being included in the index, while either <a href="https://www.smartkarma.com/entities/shree-cement-ltd" target="_blank" data-smartkarma-citation="entities:10531:1" rel="noopener">Shree Cement (SRCM IN)</a> or <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> will be deleted.</li>
<li>The impact of passive fund trading on the stocks is high in terms of days of ADV, but very high in terms of delivery volume.</li>
</ul>


We are past the halfway mark in the review period of the NIFTY Index (NIFTY INDEX) September rebalance. We see one potential change which should be announced end August.
There is a high probability of Adani Enterprises (ADE IN) being included in the index, while either Shree Cement (SRCM IN) or Hero Motocorp (HMCL IN) will be deleted.
The impact of passive fund trading on the stocks is high in terms of days of ADV, but very high in terms of delivery volume.


NIFTY50 Index Rebalance Preview: High Probability Add; Impact Higher than the Headline Numbers

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><p><em>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.</em></p>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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.

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

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

ICICI Securities Limited

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.

<ul><li>Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.</li><li>In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and Odisha</li><li>Target Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/EBITDA</li></ul><div class="content-highlight"><em>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.</em></div>

Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and OdishaTarget Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/EBITDAContent 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.

Shree Cement: Stable Outlook; Trading at Premium Valuations

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.

<p>Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.</p><div><em>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.</em></div>

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.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: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

India

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

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Shree Cement (SRCM IN)

Result Update - Shree Cement

Margin Decline Continues; Maintain HOLD; Volume/EBITDA/APAT during the quarter was lower by 3%/23%/16% owing to elevated costs and lower-than...

Axis Direct

NIFTY50 Index Rebalance Preview: High Probability Add; Impact Higher than the Headline Numbers

Adani Enterprises is a high probability add to the NIFTY50 in Sep. Shree Cement is the current delete, though Hero Motocorp is close. There will be...

Brian Freitas

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

Shree Cement: Stable Outlook; Trading at Premium Valuations

Other new capex includes 1) setting up of new integrated unit with 3.5 MT GU and 3.8 MT clinker unit in Rajasthan by Q4FY24E, 2) 3 MT grinding unit...

ICICI Securities Limited

HSIE Results Daily: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR...

HDFC Securities

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