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>Indian operations strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.</li><li>Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.</li><li>Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.</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>

Indian operations strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.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.

Tata Steel - Europe Continues to Drag; Caps Material Upside

Tata Steel Ltd

Tata Steel - Europe Continues to Drag; Caps Material Upside