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>Macro factors hit margin: Post Covid, pent-up demand in the beverage cans is abating. This along with easing supply chain has led to channel destocking in the key can segment (60kt impact) of the company.</li><li>Lower shipments (down 2%/8% YoY/QoQ) 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></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>

Macro factors hit margin: Post Covid, pent-up demand in the beverage cans is abating. This along with easing supply chain has led to channel destocking in the key can segment (60kt impact) of the company.Lower shipments (down 2%/8% YoY/QoQ) 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.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 - Macro Drives Weak Q3 at Novelis; Near Term Outlook Muted