External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

HealthCare Global Enterprises Limited provides medical and surgical hospital services. The Hospital offers cancer care, chemotherapy, cyberknife surgery, surgical, radiation, and medical oncology services. HealthCare Global Enterprises operates worldwide.

<ul><li>HCG’s management hosted an investor and analyst interaction where the new CEO, Mr. Manish Mattoo (a practicing anaesthesiologist and MBA in Finance), outlined a clear four-pillar strategy centered on clinical outcomes, profitable growth, capital efficiency, and patient experience.</li><li>There will be a shift in the reporting framework from the “mature vs. new” category to regional clusters and oncology-appropriate KPIs such as ARPP and patient volumes.</li><li>The medium-term aspiration is to grow ahead of the industry, improve EBITDA margins beyond the historical CAGR, and uplift company-level ROCE to 20% as more centres mature.</li></ul>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.

HCG’s management hosted an investor and analyst interaction where the new CEO, Mr. Manish Mattoo (a practicing anaesthesiologist and MBA in Finance), outlined a clear four-pillar strategy centered on clinical outcomes, profitable growth, capital efficiency, and patient experience.There will be a shift in the reporting framework from the “mature vs. new” category to regional clusters and oncology-appropriate KPIs such as ARPP and patient volumes.The medium-term aspiration is to grow ahead of the industry, improve EBITDA margins beyond the historical CAGR, and uplift company-level ROCE to 20% as more centres mature.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.

Healthcare Global Enterprises Ltd - 5 Th December, 2025

Thematic (Sector/Industry)

<ul><li>Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).</li><li>In contrast, 2W exports reflected improved traction across global markets.</li><li>On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. </li></ul>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.

Over Apr–Nov’26, Cumulative 2W domestic sales grew by 7% YoY to 1.7 Cr units, supported by strong performances from TVS (+15%), RE (+25%), and Hero (+30%), which more than offset a marginal decline in Bajaj (-1%).In contrast, 2W exports reflected improved traction across global markets.On a YTD basis, 3W domestic wholesales rose 16% YoY to 5.5 Lc units, led by TVS (+57%) and M&amp;M (+28%), while Bajaj reported modest 3% growth. 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.

Auto Monthly Sales Volume - November 2025

<ul><li>Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.</li><li>Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.</li><li>Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). </li></ul>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.

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). 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.

Axis Top Picks for the month of December 2025

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

<ul><li>Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.</li><li>The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.</li><li>Additionally, it has a pipeline of promising novel assets in immunotherapy under development.</li></ul>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.

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.Additionally, it has a pipeline of promising novel assets in immunotherapy under development.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.

Pick of the Week: Biocon - 29th November, 2025

Elecon Engineering Co. Limited manufactures a wide variety of material handling equipment.  The Company's products include bucket elevators, belt conveyors, gravity roller conveyors, bag filling machines, bag stacking machines and overhead chair conveyors.  Elecon also manufactures reduction gears, wagon marshalling equipment, electric & manual cranes, hoists, winders and stackers.

<ul><li>We are initiating coverage on Elecon Engineering Company Ltd. (Elecon).</li><li>Established in 1951 and headquartered in Gujarat, Elecon is a leading Indian manufacturer of industrial gear systems and material handling equipment.</li><li>As Asia’s largest gear manufacturer, it caters to critical sectors including power, steel, cement, and mining. </li></ul>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.

We are initiating coverage on Elecon Engineering Company Ltd. (Elecon).Established in 1951 and headquartered in Gujarat, Elecon is a leading Indian manufacturer of industrial gear systems and material handling equipment.As Asia’s largest gear manufacturer, it caters to critical sectors including power, steel, cement, and mining. 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.