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. 

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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>Novelis margins to remain impacted for a few more quarters: As we have written in the 8th Feb note, destocking in the key can segment (60kt impact) led to lower shipments (down 2%/8% YoY/QoQ), which along with higher energy costs led to a dip in the Adj EBITDA/t to a six-year low at $376/t.</li><li>Recovery from the low margin will be gradual as the headwinds are expected to persist for a few more quarters.</li><li>Upstream Aluminium EBITDA/t (down 57% YoY) improved sequentially on the easing of 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>

Novelis margins to remain impacted for a few more quarters: As we have written in the 8th Feb note, destocking in the key can segment (60kt impact) led to lower shipments (down 2%/8% YoY/QoQ), which along with higher energy costs led to a dip in the Adj EBITDA/t to a six-year low at $376/t.Recovery from the low margin will be gradual as the headwinds are expected to persist for a few more quarters.Upstream Aluminium EBITDA/t (down 57% YoY) improved sequentially on the easing of 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.

Hindalco Industries Ltd - Indian Operations Improve QoQ; Novelis Remains a Drag