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

Steel Authority of India / Equity Bottom-Up

<ul><li>We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMP</li><li>While we expect steel margins to come under pressure in H2FY22, they are likely to recover post H2FY22 and remain above cycle average</li><li>Our optimism is based on the expectation of weak demand in China getting offset by lower production forecasts and China continuing to disincentivize steel exports</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>

We initiate coverage on SAIL with a BUY recommendation and a Target Price (TP) of Rs 150/share, implying an upside of 44% from the CMPWhile we expect steel margins to come under pressure in H2FY22, they are likely to recover post H2FY22 and remain above cycle averageOur optimism is based on the expectation of weak demand in China getting offset by lower production forecasts and China continuing to disincentivize steel exportsContent 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.

SAIL: Bottomed Out Valuation; SAIL to Benefit from a Prolonged Steel Up-Cycle