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.

Thematic (Sector/Industry)

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</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 expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent 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: Demand stays strong; fuel costs cool off further

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>TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement</li><li>After witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.</li><li>Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.</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.

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star CementAfter witnessing good volume growth in Q4FY23, momentum in cement demand continued in Q1FY24 as well, primarily driven by the government’s push for infrastructure and housing development along with encouraging private real estate demand.Demand momentum began on a good note in Apr’23 and remained strong in May’23 but was followed by some softness in Jun’23 on account of monsoon rain and cyclone in some parts of the country.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.

Equity Bottom-Up

<ul><li>The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.</li><li>This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.</li><li>The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.</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.

The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3 mtpa Clinker units in Jan’24.This will take the total grinding capacity of the company to 9.7 mtpa from the existing 5.7 mtpa, thereby creating more growth headroom for it moving forward.The company is the leading producer of cement in the North-East region from which derives 70-75% of its total revenue.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.

Star Cement Ltd - Higher Volume&Lower Cost To Drive Growth.

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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: Bharat Petroleum Corporation, Gail (India), Vinati Organics

<ul><li>SCL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations).</li><li>Its EBITDA/APAT grew by 47%/9% (above our as well as consensus estimates) YoY owing to higher realization, better volume and lower cost.</li><li>The company reported a profit of Rs 96 Cr against Rs 88 Cr in Q4FY22.</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.

SCL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations).Its EBITDA/APAT grew by 47%/9% (above our as well as consensus estimates) YoY owing to higher realization, better volume and lower cost.The company reported a profit of Rs 96 Cr against Rs 88 Cr in Q4FY22.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.

Star Cement Limited - Robust Operating Performance Continues; Maintain BUY!

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Star Cement Ltd (STRCEM IN)

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

Cement - Q1FY24 Earnings Preview

TOP RESULT PICK: UltraTech Cement, Ambuja Cement, Dalmia Bharat, Birla Corporation, JK Lakshmi, Star Cement. After witnessing good volume growth in...

Axis Direct

Star Cement Ltd - Higher Volume&Lower Cost To Drive Growth.

The company’s capacity expansion plan is progressing well and 2 mtpa of grinding capacity each will get operational in Q3FY24/Q2FY25 along with 3...

Axis Direct

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

Star Cement Limited - Robust Operating Performance Continues; Maintain BUY!

CL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations). Its EBITDA/APAT grew by 47%/9% (above...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)