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>Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.</li><li>Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.</li><li>European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. </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>

Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. 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 - Macro Headwinds and Rich Valuations Caps Upside

Tata Steel Ltd

Tata Steel - Macro Headwinds and Rich Valuations Caps Upside