External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<p>We expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG adoption/conversion. City Gas Distribution (CGD) companies - Indraprastha Gas (IGL), Gujarat Gas (GGL) and Mahanagar Gas (MGL) - have seen an exaggerated ~14-28% correction from their highs in the past six months due to (1) a sharp rise in APM gas and spot LNG prices; (2) reduction in petrol and diesel taxes, which has reduced the tax arbitrage for CNG; and (3) potential increase in dealer margins.</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 expect strong CNG volume growth to sustain, as the highest-ever pricing differential between CNG and petrol/diesel incentivizes faster CNG adoption/conversion. City Gas Distribution (CGD) companies - Indraprastha Gas (IGL), Gujarat Gas (GGL) and Mahanagar Gas (MGL) - have seen an exaggerated ~14-28% correction from their highs in the past six months due to (1) a sharp rise in APM gas and spot LNG prices; (2) reduction in petrol and diesel taxes, which has reduced the tax arbitrage for CNG; and (3) potential increase in dealer margins.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.

Indian Gas Sector -    City Gas: looking beyond the short-term headwinds