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>Resilient Performance Amid Transitional Headwinds: Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across its supply chain.</li><li>The recent GST rate cut, covering nearly 85% of the portfolio, is expected to support volume growth over the medium term, although temporary trade and logistics disruptions impacted near-term performance.</li><li>Management remains committed to sustaining volume-led growth through enhanced distribution reach, new product launches, and strategic investments in core and adjacent categories.</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.

Resilient Performance Amid Transitional Headwinds: Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across its supply chain.The recent GST rate cut, covering nearly 85% of the portfolio, is expected to support volume growth over the medium term, although temporary trade and logistics disruptions impacted near-term performance.Management remains committed to sustaining volume-led growth through enhanced distribution reach, new product launches, and strategic investments in core and adjacent categories.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.

Britannia Industries Ltd - Resilient Performance with Margins Expansion; Maintain BUY

<ul><li>Britannia's Q4FY25 results: Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption environment.</li><li>Growth was supported by calibrated price hikes and resilient volume traction.</li><li>Management reiterated that price hikes were implemented in Q4 to offset inflation and support margins.</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.

Britannia's Q4FY25 results: Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption environment.Growth was supported by calibrated price hikes and resilient volume traction.Management reiterated that price hikes were implemented in Q4 to offset inflation and support margins.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.

Britannia Industries Ltd. - Pricing Led Top Line Growth; Maintain HOLD

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The March 2025 Rebalance results for the NIFTY broad market Indices were announced after the close on Friday 21st February 2025.</li>
<li>There will be two changes for NIFTY 50 and five changes for NIFTY 100 during the March 2025 index rebal event.</li>
<li>All NIFTY 50 and NIFTY 100 changes will also be reflected in the NIFTY Next 50 index which could see US$366mn one-way capping flows.</li>
</ul>


The March 2025 Rebalance results for the NIFTY broad market Indices were announced after the close on Friday 21st February 2025.
There will be two changes for NIFTY 50 and five changes for NIFTY 100 during the March 2025 index rebal event.
All NIFTY 50 and NIFTY 100 changes will also be reflected in the NIFTY Next 50 index which could see US$366mn one-way capping flows.


Quiddity NIFTY Mar25 Rebal: Some Surprises; Combined Flows of US$1bn One-Way

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> and <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a>'s stock prices have taken a beating this year, but they still make it into 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> in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum (BPCL IN)</a> and <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> will be out 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> but will be added to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next50 Index (NIFTYJR INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> will be added to a global index on 28 February and will then be added to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next50 Index (NIFTYJR INDEX)</a> in March.</li>
</ul>



Zomato (ZOMATO IN) and Jio Financial Services (JIOFIN IN)'s stock prices have taken a beating this year, but they still make it into the NIFTY Index (NIFTY INDEX) in March.

Bharat Petroleum (BPCL IN) and Britannia Industries (BRIT IN) will be out of the NIFTY Index (NIFTY INDEX) but will be added to the NSE Nifty Next50 Index (NIFTYJR INDEX). 

Hyundai Motor India (HYUNDAI IN) will be added to a global index on 28 February and will then be added to the NSE Nifty Next50 Index (NIFTYJR INDEX) in March.


NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

Event-Driven

<ul>
<li>The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.</li>
<li>The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.</li>
<li>Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.</li>
</ul>


The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.


India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

Britannia Industries Ltd - Resilient Performance with Margins Expansion; Maintain BUY

Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across...

Axis Direct

Britannia Industries Ltd. - Pricing Led Top Line Growth; Maintain HOLD

Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption...

Axis Direct

Quiddity NIFTY Mar25 Rebal: Some Surprises; Combined Flows of US$1bn One-Way

There could be US$635mn and US$365mn one-way flows for NIFTY 50 and NIFTY Next 50 respectively in March 2025. Some names have multiple days of...

Janaghan Jeyakumar, CFA

NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

Zomato and JioFin have taken a beating this year but make it into the NIFTY. BPCL and Britannia have sold off and will be deleted. Hyundai India is...

Brian Freitas

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

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