External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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.

External broker reports(aggregated public sources)

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

<p>We visited APL Apollo Tubes’ (APL) Murbad, Maharashtra facility and met with multiple APL distributors. Murbad was Lloyds steel plant, which APL acquired in CY10 for a cash consideration of Rs400mn with a capacity of 90,000te. The same has been ramped up to 0.35mtpa over past seven years, with the introduction of direct forming technology (DFT) and cold rolling and Galva (GP/GI) capacity.</p><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>

We visited APL Apollo Tubes’ (APL) Murbad, Maharashtra facility and met with multiple APL distributors. Murbad was Lloyds steel plant, which APL acquired in CY10 for a cash consideration of Rs400mn with a capacity of 90,000te. The same has been ramped up to 0.35mtpa over past seven years, with the introduction of direct forming technology (DFT) and cold rolling and Galva (GP/GI) capacity.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.

Business model continues to impress; valuations get richer

Apl Apollo Tubes

Business model continues to impress; valuations get richer