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

<div><div><div><div><ul><li>ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs during the quarter.</li><li>The company recorded an EBITDA Margin of 0.4% against 19% YoY, which was below expectation as well as consensus estimate, primarily owing to the elevated input costs.</li><li>The volume for the quarter stood at 6.85 million tonnes per annum (mntpa), up 4% YoY. </li></ul></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>

ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs during the quarter.The company recorded an EBITDA Margin of 0.4% against 19% YoY, which was below expectation as well as consensus estimate, primarily owing to the elevated input costs.The volume for the quarter stood at 6.85 million tonnes per annum (mntpa), up 4% 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.

ACC Limited - Cost Inflation Drags Margins; Better Synergies to Drive Growth

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

Event-Driven

<ul>
<li>There was a lot of confusion around how NSE Indices would handle the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> / <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> merger in its indices.</li>
<li>The market consultation seeks to change the index methodology to bring it in line with other index providers. That will result in much lower turnover than the existing index methodology.</li>
<li>
<a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is a high probability add to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> possibly in the first quarter of 2023. There will also be changes to <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>.</li>
</ul>


There was a lot of confusion around how NSE Indices would handle the HDFC Limited (HDFC IN) / HDFC Bank (HDFCB IN) merger in its indices.
The market consultation seeks to change the index methodology to bring it in line with other index providers. That will result in much lower turnover than the existing index methodology.

Pidilite Industries (PIDI IN) is a high probability add to the NIFTY Index possibly in the first quarter of 2023. There will also be changes to Nifty Next 50 Index.


NIFTY Indices: HDFC/HDFCB Merger Driven Market Consultation

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 (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry.</li><li>ACC also manufactures ready-mix concrete and has 50 plants across India.</li><li>ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E.</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 (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry.ACC also manufactures ready-mix concrete and has 50 plants across India.ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E.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 - (Aggressive Growth + Margin Levers) To Narrow Down Valuation Gap...

ACC Ltd - Aggressive Growth + Margin Levers

<div><div><div><div><ul><li>With the end of open offer the company’s ownership is now rest with the Adani Group.</li><li>With the assumption of new management many levers of growth and cost savings is expected to take place.</li><li>The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity expansion which resulted in market share loss to the other big players in the industry. </li></ul></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>

With the end of open offer the company’s ownership is now rest with the Adani Group.With the assumption of new management many levers of growth and cost savings is expected to take place.The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity expansion which resulted in market share loss to the other big players in the industry. 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 Limited - Capacity Expansion, Cost Savings

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ACC Ltd (ACC IN)

ACC Limited - Cost Inflation Drags Margins; Better Synergies to Drive Growth

ACC reported Revenue/Volume growth of 6%/4%YoY (below expectation). EBITDA/APAT however degrew by 98%/119% respectively YoY due to higher costs...

Axis Direct

NIFTY Indices: HDFC/HDFCB Merger Driven Market Consultation

NSE Indices' market consultation on merger/demerger treatment will significantly reduce index turnover. We expect the HDFC/HDFCB merger to complete...

Brian Freitas

ACC Ltd - (Aggressive Growth + Margin Levers) To Narrow Down Valuation Gap...

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in...

ICICI Securities Limited

ACC Ltd - Aggressive Growth + Margin Levers

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in...

ICICI Securities Limited

ACC Limited - Capacity Expansion, Cost Savings

The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)