External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Deal contours in brief: Holcim, through an offshore entity, owns 63.11% stake in Ambuja, which in turn owns 50.05% stake in ACC.</li></ul><div><div><div><div><ul><li>Why is Holcim selling its assets in India?: Holcim group had earlier announced its “Strategy 2025”, wherein it had outlined its focus on increasing its share of revenue from the ‘solutions &amp; products’ business.</li></ul><div><div><div><div><ul><li>How Adani pipped other bidders: Given the strong brands, pan-India network and large capacities, ACC- Ambuja assets were sought by multiple stakeholders.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

Deal contours in brief: Holcim, through an offshore entity, owns 63.11% stake in Ambuja, which in turn owns 50.05% stake in ACC.Why is Holcim selling its assets in India?: Holcim group had earlier announced its “Strategy 2025”, wherein it had outlined its focus on increasing its share of revenue from the ‘solutions &amp; products’ business.How Adani pipped other bidders: Given the strong brands, pan-India network and large capacities, ACC- Ambuja assets were sought by multiple stakeholders.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.

Cement Sector - Landmark Deal – New Chapter Unfolds in Cement Industry

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We are past the halfway mark in the review period of the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> September rebalance. We see one potential change which should be announced end August.</li>
<li>There is a high probability of <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> being included in the index, while either <a href="https://www.smartkarma.com/entities/shree-cement-ltd" target="_blank" data-smartkarma-citation="entities:10531:1" rel="noopener">Shree Cement (SRCM IN)</a> or <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> will be deleted.</li>
<li>The impact of passive fund trading on the stocks is high in terms of days of ADV, but very high in terms of delivery volume.</li>
</ul>


We are past the halfway mark in the review period of the NIFTY Index (NIFTY INDEX) September rebalance. We see one potential change which should be announced end August.
There is a high probability of Adani Enterprises (ADE IN) being included in the index, while either Shree Cement (SRCM IN) or Hero Motocorp (HMCL IN) will be deleted.
The impact of passive fund trading on the stocks is high in terms of days of ADV, but very high in terms of delivery volume.


NIFTY50 Index Rebalance Preview: High Probability Add; Impact Higher than the Headline Numbers

Equity Bottom-Up

<ul><li>Results largely in line; Power &amp; Fuel costs controlled ACC reported numbers largely in-line with our estimates with reported EBITDA coming in at Rs6.34bn, only 1.8% below our estimate.</li><li>While volume and realisation were lower than our estimates, operating costs were also down, resulting in reduced impact on EBITDA.</li><li>In fact, we were surprised that ACC did not show a bump up in Power &amp; Fuel costs, which were largely controlled...(continued).</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>

Results largely in line; Power &amp; Fuel costs controlled ACC reported numbers largely in-line with our estimates with reported EBITDA coming in at Rs6.34bn, only 1.8% below our estimate.While volume and realisation were lower than our estimates, operating costs were also down, resulting in reduced impact on EBITDA.In fact, we were surprised that ACC did not show a bump up in Power &amp; Fuel costs, which were largely controlled...(continued).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.

ACC Ltd: Results Largely in Line; Power & Fuel Costs Controlled

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>ACC’s Q1CY22 EBITDA of Rs6.35bn (down 26% YoY) was broadly in-line with our / consensus estimates.</li><li>Total cost/te continued its upward trajectory as it rose 1.6% QoQ and 13% YoY primarily due to higher fuel prices, while blended realisations were up 2.7% QoQ and 5.0% YoY, resulting in blended EBITDA/te increasing 12% QoQ but declining 24% YoY to Rs812/te (I-Sec: Rs779/te).</li><li>Volumes including clinker sales were down 2% YoY and up 2% QoQ at 7.8mnte.</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>

ACC’s Q1CY22 EBITDA of Rs6.35bn (down 26% YoY) was broadly in-line with our / consensus estimates.Total cost/te continued its upward trajectory as it rose 1.6% QoQ and 13% YoY primarily due to higher fuel prices, while blended realisations were up 2.7% QoQ and 5.0% YoY, resulting in blended EBITDA/te increasing 12% QoQ but declining 24% YoY to Rs812/te (I-Sec: Rs779/te).Volumes including clinker sales were down 2% YoY and up 2% QoQ at 7.8mnte.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.

ACC Ltd: Reduction in Fuel Cost Remains Key Trigger

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<ul><li>Q1CY22 EBITDA declined 26% YoY/increased 14% QoQ to Rs6.3bn, marginally ahead of our estimates, led by better-than-expected realization.</li><li>Blended EBITDA/ton fell 25% YoY/rose 12% QoQ to Rs812 (Emkay est.: Rs780).</li><li>Ongoing expansion projects (2.7mt clinker and 3.2mt cement grinding) are delayed by a quarter.</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>

Q1CY22 EBITDA declined 26% YoY/increased 14% QoQ to Rs6.3bn, marginally ahead of our estimates, led by better-than-expected realization.Blended EBITDA/ton fell 25% YoY/rose 12% QoQ to Rs812 (Emkay est.: Rs780).Ongoing expansion projects (2.7mt clinker and 3.2mt cement grinding) are delayed by a quarter.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.

ACC Ltd: Higher Realization Drives Marginal EBITDA Beat

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

Cement Sector - Landmark Deal – New Chapter Unfolds in Cement Industry

Adani group has sealed the deal to acquire Ambuja and ACC from Holcim in one of the biggest M&A deals in the Indian cement industry.

Nirmal Bang

NIFTY50 Index Rebalance Preview: High Probability Add; Impact Higher than the Headline Numbers

Adani Enterprises is a high probability add to the NIFTY50 in Sep. Shree Cement is the current delete, though Hero Motocorp is close. There will be...

Brian Freitas

ACC Ltd: Results Largely in Line; Power & Fuel Costs Controlled

Results largely in line; Power & Fuel costs controlled ACC reported numbers largely in-line with our estimates with reported EBITDA coming in at...

Nirmal Bang

ACC Ltd: Reduction in Fuel Cost Remains Key Trigger

ACC’s Q1CY22 EBITDA of Rs6.35bn (down 26% YoY) was broadly in-line with our / consensus estimates.Total cost/te continued its upward trajectory...

ICICI Securities Limited

ACC Ltd: Higher Realization Drives Marginal EBITDA Beat

Q1CY22 EBITDA declined 26% YoY/increased 14% QoQ to Rs6.3bn, marginally ahead of our estimates, led by better-than-expected realization. Blended...

Emkay

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