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>Capital Infusion by Promoter : ACL (Ambuja Cements Limited) in its meeting held on 16th Sept, 2022 has decided to bring capital through equity infusion by issuing warrants (477.48 Mn) of Rs 2 each at a price of Rs 418.87/share totaling Rs 20000 Cr to Harmonia Trade &amp; Investment, a promoter group entity.</li><li>This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to 70.36% from the current 63.23% thereby increasing promoters stake in the company by 7.13%.</li><li>The warrants will be converted within 18 months from the date of the issue in one or more tranches.</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>

Capital Infusion by Promoter : ACL (Ambuja Cements Limited) in its meeting held on 16th Sept, 2022 has decided to bring capital through equity infusion by issuing warrants (477.48 Mn) of Rs 2 each at a price of Rs 418.87/share totaling Rs 20000 Cr to Harmonia Trade &amp; Investment, a promoter group entity.This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to 70.36% from the current 63.23% thereby increasing promoters stake in the company by 7.13%.The warrants will be converted within 18 months from the date of the issue in one or more tranches.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.

Ambuja Cements Limited - Capital Infusion, A Catalyst For Future Growth.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><div><div><div><ul><li>1QCY22 result highlights: For 1QCY22, volume increased by 3.5% YoY to 7.5mn mt (including clinker) whereas realization/mt increased by 0.5% QoQ to Rs5,241 (lower than our estimate).</li></ul><div><div><ul><li>Capex plans reiterated: The company is on track to commission 1.5mn mt grinding unit at Ropar (Punjab) in CY23.</li></ul><div><div><div><div><ul><li>Volume from new capex likely to kick in: The 3mn mt clinker plant at Marwar Mundwa (Rajasthan) was commissioned in Sept’21 and the 1.8mn mt grinding unit is likely to be commissioned very soon at the same location.</li></ul></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>

1QCY22 result highlights: For 1QCY22, volume increased by 3.5% YoY to 7.5mn mt (including clinker) whereas realization/mt increased by 0.5% QoQ to Rs5,241 (lower than our estimate).Capex plans reiterated: The company is on track to commission 1.5mn mt grinding unit at Ropar (Punjab) in CY23.Volume from new capex likely to kick in: The 3mn mt clinker plant at Marwar Mundwa (Rajasthan) was commissioned in Sept’21 and the 1.8mn mt grinding unit is likely to be commissioned very soon at the same location.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.

Ambuja Cements Ltd - Lower Costs Drive Sharp EBITDA Beat

<ul>
<li>ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22</li>
<li>We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS</li>
<li>TP implies an upside potential of 13.5% from the CMP.</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>


ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22
We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS
TP implies an upside potential of 13.5% from the CMP.

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.

Ambuja Cements: Inline Result; Capacity Expansion on Track

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<div><ul><li>Capacity additions to drive volume growth - <span style="font-size: var(--content-font-size);">Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.</span></li></ul><div><div><div><ul><li>Announces capacity expansion in the East, timely completion is vital.</li></ul><div><div><div><div><ul><li>Robust volume growth and efficiency measure to drive profitability.</li></ul></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>

Capacity additions to drive volume growth - Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.Announces capacity expansion in the East, timely completion is vital.Robust volume growth and efficiency measure to drive profitability.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.

Ambuja Cements - Emphasizing on Growth, Efficiency and Sustainability

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.</li><li>Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).</li><li>ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.</li></ul><div class="content-highlight"><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></div>

It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and firm up the volume growth visibility.Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a lower TP of INR 380/share (SOTP-based).ACEM is working on various cost levers (reduce clinker factor, increase TSR factor and green power) to boost its margin.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.

Ambuja Cement: Cost Spike Hits Margin; Targets Major Expansion in East

India

Ambuja Cements Limited is an Indian cement producing company that manufactures and markets cement, clinker, and related products for domestic and export markets. Its product portfolio includes ordinary portland cement, portland pozzolana cement, and ready-mix concrete. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1983.

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Ambuja Cements (ACEM IN)

Ambuja Cements Limited - Capital Infusion, A Catalyst For Future Growth.

This will entail an equity dilution of 24.05%. With the converion of warrants into equity the promoters equity stake in the company will rise to...

Axis Direct

Ambuja Cements Ltd - Lower Costs Drive Sharp EBITDA Beat

Ambuja Cement (ACEM) reported extremely good set of results for 1QCY22, with EBITDA of Rs7.9bn, 22% ahead of our estimate, largely driven by lower...

Nirmal Bang

Ambuja Cements: Inline Result; Capacity Expansion on Track

We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we...

Axis Direct

Ambuja Cements - Emphasizing on Growth, Efficiency and Sustainability

Capacity additions to drive volume growth ; Ambuja Cements (ACEM) is a leading cement player with an installed cement capacity of 31.5mtpa as of CY21.

Motilal Oswal

Ambuja Cement: Cost Spike Hits Margin; Targets Major Expansion in East

It also announced major Capex in the east, which along with its north expansion, will increase its capacity to 40mn MT over the next 3-4 years and...

HDFC Securities

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