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.

Thematic (Sector/Industry)

<ul><li>In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.</li><li>Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.</li><li>We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. </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.

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. 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.

Q4FY25 Earnings Preview - Metals and Mining

<ul><li>President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.</li><li>A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.</li><li>Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. </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.

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. 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.

Trump Tariffs - Possible Impact on Our Market

<ul><li>The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the benchmark by a wide margin of 2.6%.</li><li>Over the last one year, the basket has gained 9.5%. Moreover, it gives us immense joy to share with you that our Top Picks Basket has delivered an impressive return of 298% since its inception (May’20), which stands well above the 154% return delivered by the NIFTY 50 index over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection.</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.

The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the benchmark by a wide margin of 2.6%.Over the last one year, the basket has gained 9.5%. Moreover, it gives us immense joy to share with you that our Top Picks Basket has delivered an impressive return of 298% since its inception (May’20), which stands well above the 154% return delivered by the NIFTY 50 index over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection.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.

Axis Top Picks for the month of April 2025

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to tighter scrap spreads and flooding at one of the European units.</li><li>Consolidated EBITDA grew by 26% YoY but declined by 5% QoQ to Rs 7,601 Cr (3% beat vs. consensus), led by strong upstream Aluminium and Copper EBITDA.</li><li>NALCO’s Revenue/EBITDA/PAT beat our and consensus estimates because of strong performance by both the Alumina and Aluminium divisions. </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.

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to tighter scrap spreads and flooding at one of the European units.Consolidated EBITDA grew by 26% YoY but declined by 5% QoQ to Rs 7,601 Cr (3% beat vs. consensus), led by strong upstream Aluminium and Copper EBITDA.NALCO’s Revenue/EBITDA/PAT beat our and consensus estimates because of strong performance by both the Alumina and Aluminium divisions. 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.

Metals & Mining: Q3FY25 Review - Steel EBITDA Weakness Persists

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Nimish Maheshwari

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Event-Driven

Shankara Building Products L / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shankara-building-products-l" target="_blank" data-smartkarma-citation="entities:27268:1" rel="noopener">Shankara Building Products L (SHANKARA IN)</a> plans to demerge its steel manufacturing and building materials marketplace, enabling each business to operate independently with tailored leadership and capital allocation strategies.</li>
<li>This separation allows for targeted expansions in non-steel product lines and dedicated manufacturing improvements, potentially raising margins and fueling profitable growth in India’s booming construction market.</li>
<li>Focused leadership, improved transparency, and strategic capital deployment could enhance investor confidence, offering significant upside as Shankara refocuses on high-growth segments and streamlines its operations post-demerger.</li>
</ul>



Shankara Building Products L (SHANKARA IN) plans to demerge its steel manufacturing and building materials marketplace, enabling each business to operate independently with tailored leadership and capital allocation strategies.
This separation allows for targeted expansions in non-steel product lines and dedicated manufacturing improvements, potentially raising margins and fueling profitable growth in India’s booming construction market.
Focused leadership, improved transparency, and strategic capital deployment could enhance investor confidence, offering significant upside as Shankara refocuses on high-growth segments and streamlines its operations post-demerger.


Event Driven: Shankara Building Products, A Demerger Play

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

Q4FY25 Earnings Preview - Metals and Mining

In Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and...

Axis Direct

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

Axis Top Picks for the month of April 2025

The Axis Top Picks Basket delivered an excellent return of 8.9% in Mar’25 against the 6.3% return posted by the Nifty 50, thereby beating the...

Axis Direct

Metals & Mining: Q3FY25 Review - Steel EBITDA Weakness Persists

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to tighter scrap spreads and flooding at one of the...

Axis Direct

Event Driven: Shankara Building Products, A Demerger Play

The promoter of Kalyan Jewellers has pledged an additional 5% stake amid ongoing allegations of corporate governance issues, contributing to a...

Nimish Maheshwari

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