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.

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.

Equity Bottom-Up

<ul><li>Ashok Leyland Ltd (AL) reported a decent set of results albeit stood lower than our expectations.</li><li>AL is focusing on reducing its dependence on the cyclical truck business by increasing the revenue share of Exports, Defense, Power Solutions, LCV, and the parts business</li><li>We maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 175 (Rs 160 earlier), implying an upside of 15% from CMP.</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>

Ashok Leyland Ltd (AL) reported a decent set of results albeit stood lower than our expectations.AL is focusing on reducing its dependence on the cyclical truck business by increasing the revenue share of Exports, Defense, Power Solutions, LCV, and the parts businessWe maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 175 (Rs 160 earlier), implying an upside of 15% from CMP.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.

Ashok Leyland: Weak Performance Due to Multiple Headwinds; Growth Drivers Intact