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. 

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>Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.</li><li>However, Ex-Agri Business, revenue grew by 7.1% yoy.</li><li>The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. </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>

Resilient Core Offsets Agri Drag amid Transitional Headwinds: ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and weak export demand.However, Ex-Agri Business, revenue grew by 7.1% yoy.The Cigarette segment delivered healthy 6.7% YoY growth, driven by sustained volume momentum and continued premiumisation. 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.

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.</li>
<li>Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.</li>
<li>Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.</li>
</ul>


The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.
Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.
Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.


How the Middle East War Is Reshaping Indian Hospitality?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.</li><li>US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.</li><li>The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.</li></ul>

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose import tariffs.US 4Q25 GDP expanded by 1.4% QoQ SAAR (+2.2% YoY), below the +3% QoQ SAAR consensus estimate and slowing from +4.4% in 3Q25.The US has revoked its reciprocal tariffs on all countries (previously around 15–20% for Asia) and replaced them with a uniform 15% tariff under Section 122.

Krungthai XSpring Zoom Eng. February 23, 2026

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and...

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How the Middle East War Is Reshaping Indian Hospitality?

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ITC Ltd - Core Resilience Cushions Agri Weakness; Maintain BUY

ITC reported a 3.7% YoY decline in revenue during Q2FY26, largely impacted by a steep 31.2% YoY drop in the Agri business, owing to a high base and...

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

How the Middle East War Is Reshaping Indian Hospitality?

​US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

Krungthai XSpring Zoom Eng. February 23, 2026

The US Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president the authority to impose...

Krungthai XSpring

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...