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><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 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><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>

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

<div><div><div><div><ul><li>We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the current levels.</li><li>UltraTech Cement is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India.</li><li>Excluding China, it is also the third-largest cement producer in the world and commands a robust market share of 22% (in terms of industry capacity) in the Indian cement industry. </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>

We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the current levels.UltraTech Cement is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India.Excluding China, it is also the third-largest cement producer in the world and commands a robust market share of 22% (in terms of industry capacity) in the Indian cement industry. 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.

UltraTech Cem - Lucrative Play on Positive Demand Outlook

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>The NIFTY Next 50 methodology was <em>supposed to</em> change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.</li>
<li>The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.


Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

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

<ul>
<li>Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.</li>
<li>In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.</li>
<li>We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.</li>
</ul>


Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.
In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.
We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.


MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM 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

UltraTech Cem - Lucrative Play on Positive Demand Outlook

We initiate coverage on UltraTech Ltd. with a BUY recommendation and a Target Price of Rs 9,350/share, which implies an upside of 13% from the...

Axis Direct

Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

LTIMindtree and Jindal Steel could be NIFTY 50 and NIFTY Next 50 intra-review replacements for HDFC and these changes could be implemented at the...

Janaghan Jeyakumar, CFA

MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

MSCI EM Improving; Buys in Value & Large-Cap EM $TSM #Samsung $BABA; Remain Overweight Japan, India, Taiwan, and Greece. $ACWI break above $93 and...

Vermilion Research

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