External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bn</li><li>On a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bn</li><li>Q1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segments</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.

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bnOn a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bnQ1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segmentsContent 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.

HSIE Results Daily: PGCIL, ABB India, Cummins, Bharat Forge

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Ishares Global Consumer Disc / Technical Analysis

<ul>
<li>We are seeing some positive signals that suggest the lows for this bear market may have already been established, or at the very least, that downside is limited from here.</li>
<li>Still, YTD downtrends remain intact on the global MSCI equity indexes, and we need to see reversals of their downtrends in order to get more constructive at the index level.</li>
<li>Cyclical Growth Sectors continue to gain momentum and we are upgrading the MSCI ACWI Technology, Consumer Discretionary, and Communication Services Sectors from underweight to market weight. Add exposure.</li>
</ul>


We are seeing some positive signals that suggest the lows for this bear market may have already been established, or at the very least, that downside is limited from here.
Still, YTD downtrends remain intact on the global MSCI equity indexes, and we need to see reversals of their downtrends in order to get more constructive at the index level.
Cyclical Growth Sectors continue to gain momentum and we are upgrading the MSCI ACWI Technology, Consumer Discretionary, and Communication Services Sectors from underweight to market weight. Add exposure.


Positive Signals; Growth Sectors Gaining Momentum; Buy Ideas Within Global Growth Sectors

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.</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.

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.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.

<ul>
<li>The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).</li>
<li>Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.</li>
<li>We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.</li>
</ul>


The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China (MCHI-US), and China Internet (KWEB-US).
Is this just another bear market rally, or will indexes are able to make a higher low and start a new bull market? Either way, it's a start.
We highlight attractive stocks from a bottoms-up perspective, spanning several Sectors. Over half hail from Japan, where the TOPIX Small index is reversing its downtrend.


Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

<ul>
<li>Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.</li>
<li>Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.</li>
<li>Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.</li>
</ul>


Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.
Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.
Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.


Sticking With Value; Buying Materials & Industrials

India

ABB India Limited is a leading technology company specializing in electrification, motion, process automation, and robotics. It provides industrial systems and solutions that optimize power, enhance industrial productivity, and enable a more sustainable future across factories, utilities, rail, and infrastructure. The company was incorporated in 1949 and is headquartered in Bengaluru, Karnataka, India.

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ABB India (ABB IN)

HSIE Results Daily: PGCIL, ABB India, Cummins, Bharat Forge

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up...

HDFC Securities

Positive Signals; Growth Sectors Gaining Momentum; Buy Ideas Within Global Growth Sectors

Starting to see positive signals that suggest downside is limited from here. Still, we need to see reversals of YTD downtrends on $ACWI $ACWX $EFA...

Vermilion Research

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Cautiously Optimistic Following Downtrend Reversals; Japan Continues to Lead; Bottoms-Up Stock Rec's

The bear market rally that we were on watch for started last week, confirmed by the bullish reversals on the DAX, Hang Seng, MSCI China $MCHI, and...

Vermilion Research

Sticking With Value; Buying Materials & Industrials

Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include...

Vermilion Research

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