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>Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.</li><li>The report contains carefully handpicked companies that are well-placed to benefit from this year’s Interim Budget.</li><li>NEW YEAR PICKS 2024: In Dec’23, we released the report – NEW YEAR PICKS 2024: New Year, New Horizons, which contains deeplyresearched 9 stocks that are best-placed to deliver excellent performance in 2024. </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.

Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.The report contains carefully handpicked companies that are well-placed to benefit from this year’s Interim Budget.NEW YEAR PICKS 2024: In Dec’23, we released the report – NEW YEAR PICKS 2024: New Year, New Horizons, which contains deeplyresearched 9 stocks that are best-placed to deliver excellent performance in 2024. 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.

<ul><li>Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.</li><li>The report contains carefully handpicked companies that are well-placed to benefit from this year’s Interim Budget.</li><li>We strongly recommend to explore the report here. NEW YEAR PICKS 2024: In Dec’23, we released the report – NEW YEAR PICKS 2024: New Year, New Horizons, which contains deeplyresearched 9 stocks that are best-placed to deliver excellent performance in 2024. </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.

Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.The report contains carefully handpicked companies that are well-placed to benefit from this year’s Interim Budget.We strongly recommend to explore the report here. NEW YEAR PICKS 2024: In Dec’23, we released the report – NEW YEAR PICKS 2024: New Year, New Horizons, which contains deeplyresearched 9 stocks that are best-placed to deliver excellent performance in 2024. 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.

Axis Research Scorecard Report for Jan 2024

<ul><li>Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.</li><li>Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.</li><li>The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.</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.

Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.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.

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.

<ul><li>Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters</li><li>While demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivals</li><li>Thus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.</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.

Growth tapers after six consecutive quarters of robust show: We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quartersWhile demand remained strong in Oct, it slipped off in Nov/Dec—attributable to multiple reasons: elections in four states, flooding in the southern region, sand issues in certain states, and festivalsThus, as against general expectations of demand firming up post-monsoon by ~10-15% QoQ, cement sales recovered a modest 4% QoQ, leading to demand tapering.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 (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

<ul><li>Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.</li><li>This was on account of Diwali festivity, labour shortage, construction ban in NCR, and Assembly election in key States of MP, CG, Rajasthan, and Telangana.</li><li>After witnessing double-digit growth in Oct’23, cement demand moderated sharply in Nov’23 and remained subdued in Dec’23, though a slight pick-up towards the end of the month was observed. </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.

Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.This was on account of Diwali festivity, labour shortage, construction ban in NCR, and Assembly election in key States of MP, CG, Rajasthan, and Telangana.After witnessing double-digit growth in Oct’23, cement demand moderated sharply in Nov’23 and remained subdued in Dec’23, though a slight pick-up towards the end of the month was observed. 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

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

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

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

Century Textiles and Industries Ltd. manufactures cement, cotton textiles and cotton yarn. The Company manufactures denim, shirts, suits, fabrics and dress materials, bed linens, home furnishings, viscose filament yarn, viscose tire yarn, caustic soda, sulphuric acid, liquid chlorine, hydrochloric acid, writing and printing papers, packaging board, and rayon and wood-based pulp.

JK Cement Limited produces and manufactures Portland and White cement products.

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

Anhui Conch Cement Company Limited manufactures cement products. The Company produces silicate cements, slag silicate cements, composite silicate cements, cement clinkers, and other products. Anhui Conch Cement Cement markets its products throughout China and worldwide.

Vulcan Materials Company produces construction aggregates.  The Company principal product lines are aggregates, asphalt mix and concrete, and cement.

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

James Hardie Industries Plc manufactures building products for new home construction and remodeling.  The Company's products include fiber cement siding, backerboard, and pipe. James Hardie Industries operates in the United States, Australia and New Zealand.

Heidelberg Materials AG produces and markets building materials and solutions. The Company offers cement, aggregates, and ready-mixed concrete. Heidelberg Materials serves customers worldwide.

CRH PLC is a global building materials group. The Company manufactures and distributes a range of construction products such as heavy materials, elements to construct the frame and value-added exterior products. CRH products serve a wide customer base in the areas of residential, non-residential and infrastructure.

Cemex SAB de CV is a building products company. The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials. Cemex operates throughout the Americas, Europe, Africa, the Middle East, and Asia.

Holcim Ltd. provides building materials. The Company produces ready-mixed concrete, cement, clinker, aggregates, green mobility, and building solutions. Holcim serves clients worldwide.

CRH Public Limited Company provides building materials. The Company manufactures and distributes a wide range of architectural, infrastructure, and construction products for infrastructure, housing, and commercial projects. CRH serves customers Worldwide.

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)

RESEARCH SCORECARD - 31 January 2024

Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.

Axis Direct

Axis Research Scorecard Report for Jan 2024

Post Budget Analysis and Stock Ideas: It gives us immense joy to announce our Post Budget Analysis and Stock Ideas for 2024-25.

Axis Direct

Post Budget Analysis and Stock Ideas

The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium...

Axis Direct

Cement (Q3FY24 Results Preview): Industry Margin Surges to a Nine-Quarter High

We estimate cement demand cooled off to ~7% YoY in Q3FY24, after delivering ~9-16% growth rate (average 12%) in the preceding six quarters

HDFC Securities

Cement - Q3FY24 Earnings Preview

Cement demand momentum moderated in Q3FY24: After witnessing double-digit volume growth in H1FY24, cement demand momentum moderated in Q3FY24.

Axis Direct

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