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.

Thematic (Sector/Industry)

<ul><li>Nalco’s Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24 and lower-than-expected Alumina sales.</li><li>Hindalco’s Revenue/EBITDA/PAT dropped by -9%/-27%/-40% YoY and de-grew/grew by -5%/-2%/+2% QoQ led by a drop in the average LME Aluminium prices.</li><li>LME Aluminium prices declined by 22%/5% YoY/QoQ in Q1FY24, which were partially offset by higher-than-expected metal shipments (Copper and Aluminium shipments beat our estimates) which led to beat on our estimates.</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>

Nalco’s Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24 and lower-than-expected Alumina sales.Hindalco’s Revenue/EBITDA/PAT dropped by -9%/-27%/-40% YoY and de-grew/grew by -5%/-2%/+2% QoQ led by a drop in the average LME Aluminium prices.LME Aluminium prices declined by 22%/5% YoY/QoQ in Q1FY24, which were partially offset by higher-than-expected metal shipments (Copper and Aluminium shipments beat our estimates) which led to beat on our estimates.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Global equities are under some pressure after Fitch downgraded the United States' credit rating to AA+ from AAA.</li>
<li>We expect that this is a normal 3%-6% pullback to the 50-day MA or major $93 support level on the MSCI ACWI <a href="https://www.smartkarma.com/entities/ishares-msci-acwi-etf" target="_blank" data-smartkarma-citation="entities:24402:1" rel="noopener">iShares MSCI ACWI ETF (ACWI US)</a> .</li>
<li>$TNX is below 4.1%-4.3% and DXY remains in an 8-month downtrend; as long as this remains true, we'd buy on a pullback to the 50-day MA and/or $93 on ACWI-US</li>
</ul>


Global equities are under some pressure after Fitch downgraded the United States' credit rating to AA+ from AAA.
We expect that this is a normal 3%-6% pullback to the 50-day MA or major $93 support level on the MSCI ACWI iShares MSCI ACWI ETF (ACWI US) .
$TNX is below 4.1%-4.3% and DXY remains in an 8-month downtrend; as long as this remains true, we'd buy on a pullback to the 50-day MA and/or $93 on ACWI-US


Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys

<div><div><div><div><ul><li>Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.</li><li>On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.</li><li>We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. </li></ul></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>

Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. 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

Steel Authority of India / Equity Bottom-Up

<ul><li>SAIL’s EBITDA/PAT missed ours and the street's estimates on account of the higher-than-expected employee and other expenses.</li><li>Revenue (2% miss, down 5% YoY) recovered by 16% QoQ led by steel sales volumes at 4.68MT which grew by 13% QoQ (down 1% YoY) and HRC prices which were up 5% QoQ (down 12% YoY).</li><li>EBITDA stood at Rs 2,924 Cr (down 33% YoY, up 41% QoQ) missed ours/consensus estimate by 22%/13%, led by higher employee and other expenses, which was only partially offset by lower RM costs.</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>

SAIL’s EBITDA/PAT missed ours and the street's estimates on account of the higher-than-expected employee and other expenses.Revenue (2% miss, down 5% YoY) recovered by 16% QoQ led by steel sales volumes at 4.68MT which grew by 13% QoQ (down 1% YoY) and HRC prices which were up 5% QoQ (down 12% YoY).EBITDA stood at Rs 2,924 Cr (down 33% YoY, up 41% QoQ) missed ours/consensus estimate by 22%/13%, led by higher employee and other expenses, which was only partially offset by lower RM costs.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.

SAIL - Decent Q4; Ambitious Sales Volume Target for FY24

<ul><li>Tata Steel reported its provisional sales volumes for Q4FY23.</li><li>Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.</li><li>Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.</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>

Tata Steel reported its provisional sales volumes for Q4FY23.Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.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.

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

Jindal Stainless Ltd. is an integrated steel producer which manufactures a variety of steel products.  The Company's products include stainless steel plates, welded steel tubes, cold rolled strips and seamless tubes. Jindal also manufactures industrial machinery.

Lloyds Metals and Energy Ltd. manufactures sponge iron.  The Company also operates a cogeneration waste heat recovery plant to recover heat from its kilns.

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Hindustan Copper Limited is a vertically integrated multi-unit copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and manufacturing of copper cathodes, continuous cast wire rods and wire bars. The Company was the first Indian Copper producer to get ISO-9002 certificate for its Continuous Cast Wire Rod Plant.

Ratnamani Metals & Tubes Ltd manufactures stainless steel seamless and welded tubes and pipes in India. The Company's clientele base consists of chemical, fertilizer, petrochemicals, refinery, power, dairy, sugar and pharmaceutical industries. Ratnamani is a regular supplier to companies such as  BHEL, IOCL, GAIL, L&T and Reliance Industries Ltd.

Jai Balaji Industries Ltd. manufactures and distributes steel and allied products. The Company markets sponge and pig iron, alloy carbon, mild steel billets, wire rods, and other steel products. Jai Balaji Industries serves customers throughout India.

Godawari Power and Ispat Ltd. manufactures steel.  The Company produces steel billets.

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

Yunnan Aluminium Co., Ltd. primarily manufactures and markets aluminum products. The Company's products include aluminum ingots, aluminum rolls, and aluminum alloys.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Huaibei Mining Holdings Co.,Ltd. operates coal businesses. The Company mines, processes, and distributes coal, cokes, coal chemical products, and other products. Huaibei Mining Holdings also produces methanol, crude benzene, ammonium sulfate, and other products.

Shandong Nanshan Aluminum Co., Ltd. designs, manufactures, and markets aluminum products and worsted woolen products. The Company's major aluminum offerings are electrolytic aluminum and section aluminum. Its woolen products include soybean fiber fabrics, silk fabrics, wool/flax fabrics and cashmere. Shandong also generates and supplies electricity.

Zhaojin Mining Industry Company Ltd. explores, mines, and produces gold.  The Company holds interest in properties in eastern China.

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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

Steel Authority of India (SAIL IN)

Metals & Mining: Q1FY24 Review

Nalco’s Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium...

Axis Direct

Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys

Normal Pullback, or Something More for global equities?; Watch Resistance on $DXY and 10-Yr Treasury Yield; Value Buys in Consumer Discretionary...

Vermilion Research

Metals - Q1FY24 Earnings Preview

On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the...

Axis Direct

SAIL - Decent Q4; Ambitious Sales Volume Target for FY24

SAIL’s EBITDA/PAT missed ours and the street's estimates on account of the higher-than-expected employee and other expenses.

Axis Direct

Metals - Q4FY23 Earnings Preview

Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)