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)

<div><div><div><div><ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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></div></div></div></div>

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

Q2fy23 Preview - Non-Commodities Likely to Do Better

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>Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assets</li><li>However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stations</li><li>TPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNG</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>

Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assetsHowever, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stationsTPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNGContent 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: Torrent Power, Indraprastha Gas, City Union Bank

Equity Bottom-Up

<ul><li>City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.</li><li>On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.</li><li>Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% YoY).</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>

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% 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.

City Union Bank Ltd. - On Track to Achieve RoA of 1.5%; Maintain BUY!

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><ul><li>Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.</li><li><p>Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).</p></li><li><p><span style="font-size: var(--content-font-size);">Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% YoY).</span></p></li></ul></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>

Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% 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.

Banking & Financials Sector - Weak Treasury to Dent Earnings

<div><div><div><div><ul><li>Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.</li></ul></div></div></div></div><div><div><div><div><ul><li>Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.</li></ul><div><div><div><div><ul><li>NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% QoQ.</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>

Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% QoQ.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.

City Union Bank - Credit Growth +ve; Lower Treasury Gains to Cap ROE

India

City Union Bank Ltd. is a full service bank. The Bank offers a wide range of banking and financial services across India, including both domestic and International banking services.

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City Union Bank (CUBK IN)

Q2fy23 Preview - Non-Commodities Likely to Do Better

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from...

HDFC Securities

City Union Bank Ltd. - On Track to Achieve RoA of 1.5%; Maintain BUY!

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the...

Axis Direct

Banking & Financials Sector - Weak Treasury to Dent Earnings

We expect banks to report weak earnings due to treasury losses. We expect operating earnings of coverage banks to decline by 6.5% YoY and 11.2% QoQ...

Nirmal Bang

City Union Bank - Credit Growth +ve; Lower Treasury Gains to Cap ROE

City Union Bank (CUB) reported 88% YoY growth in net profit, led by 28% YoY decline in provisions, 17% YoY growth in NII and 40% YoY increase in...

Nirmal Bang

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