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>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.</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.

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.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.

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>In the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflation</li><li>Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP</li><li>It demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000</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 the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflationAgainst this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDPIt demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000Content 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.

Rural India: Shifting economic foundations

<ul><li>May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).</li><li>Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.</li><li>The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.</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.

May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.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>JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share</li><li>JSWS’ Q4 consolidated EBITDA came in line with our estimates</li><li>The ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growth</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.

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/shareJSWS’ Q4 consolidated EBITDA came in line with our estimatesThe ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growthContent 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: JSW Steel, Ashok Leyland, Balkrishna Industries

<ul><li>Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.</li><li>The domestic CV industry saw a degrowth of 1% YoY.</li><li>The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M 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.

Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.The domestic CV industry saw a degrowth of 1% YoY.The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M 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.

India

Ashok Leyland is an Indian multinational automotive manufacturer and a flagship company of the Hinduja Group. It is the second-largest manufacturer of commercial vehicles in India and the fourth-largest manufacturer of buses globally, offering a comprehensive range of trucks, buses, light commercial vehicles, power solution systems, and defense vehicles. The company was founded in 1948 and is headquartered in Chennai, Tamil Nadu, India.

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Ashok Leyland (AL IN)

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Rural India: Shifting economic foundations

Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP

HDFC Securities

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

HSIE Results Daily: JSW Steel, Ashok Leyland, Balkrishna Industries

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share. JSWS’ Q4 consolidated EBITDA came in line with...

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

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