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.

Cross Asset Strategy

<ul><li>Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.</li><li>However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.</li><li>OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech Mahindra</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>

Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech MahindraContent 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.

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

Thematic (Sector/Industry)

<ul><li>We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumes</li><li>As the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.</li><li>The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. </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>

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumesAs the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. 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.

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

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.

Equity Bottom-Up

<ul>
<li>The Russia Ukraine conflict has provided traction to global metal prices.</li>
<li>During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.</li>
<li>During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.</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>


The Russia Ukraine conflict has provided traction to global metal prices.
During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.
During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.

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.

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Tata Steel reported strong result on a standalone basis. Europe, however, disappointed due to a surge in energy and coal costs.</li><li>Consolidated EBITDA was 66% higher on a YoY basis, but 3% lower sequentially</li><li>EBITDA rose 82% YoY to INR121.7b (10% ahead of our estimate), despite a 9% QoQ drop fueled by rising coking coal prices that was not fully offset by a marginal increase in ASP</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>

Tata Steel reported strong result on a standalone basis. Europe, however, disappointed due to a surge in energy and coal costs.Consolidated EBITDA was 66% higher on a YoY basis, but 3% lower sequentiallyEBITDA rose 82% YoY to INR121.7b (10% ahead of our estimate), despite a 9% QoQ drop fueled by rising coking coal prices that was not fully offset by a marginal increase in ASPContent 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.

Tata Steel: Capex to Rise with Delayed Returns

<ul><li>Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA)</li><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>We maintain our BUY rating on the stock. We value TSL at Rs 1400, based on SoTP valuation</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>

Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA)Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldWe maintain our BUY rating on the stock. We value TSL at Rs 1400, based on SoTP valuationContent 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

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech...

Axis Direct

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong...

Axis Direct

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

The Russia Ukraine conflict has provided traction to global metal prices. During YTD CY22, a healthy rally has been witnessed in both ferrous and...

ICICI Securities Limited

Tata Steel: Capex to Rise with Delayed Returns

Tata Steel reported strong result on a standalone basis. Europe, however, disappointed due to a surge in energy and coal costs. Consolidated EBITDA...

Motilal Oswal

Tata Steel: On Strong Footing

Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).

ICICI Securities Limited

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