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

Colgate Palmolive (India) / Equity Bottom-Up

<ul><li>Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.</li><li>This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.</li><li>Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. </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.

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. 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.

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs during the September 2024 index rebal event.</li>
<li>More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs during the September 2024 index rebal event.
More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.


Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

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

Power Finance Corporation / Index Rebalance

<ul>
<li>With the review period for the March rebalance complete, there could be 6 potential changes for 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 Next 50 Index (NIFTYJR INDEX)</a> using the current index methodology.</li>
<li>Estimated one-way turnover is 13.9% resulting in a one-way trade of INR 28.6bn. Four inclusions will have over 1x ADV to buy; five deletions will have 2.5x+ ADV to sell.</li>
<li>The potential adds have outperformed the potential deletes by 28.6% over the last month. With positioning from a rebalance perspective mostly done, gradually unwind over the next few weeks.</li>
</ul>


With the review period for the March rebalance complete, there could be 6 potential changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) using the current index methodology.
Estimated one-way turnover is 13.9% resulting in a one-way trade of INR 28.6bn. Four inclusions will have over 1x ADV to buy; five deletions will have 2.5x+ ADV to sell.
The potential adds have outperformed the potential deletes by 28.6% over the last month. With positioning from a rebalance perspective mostly done, gradually unwind over the next few weeks.


NIFTY NEXT50 Index Rebalance Preview: Potential Adds Continue to Run

<ul><li>Q3FY24 results were ahead of our estimates. The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price hikes.</li><li>Colgate Max Fresh was also re-launched, which saw strong growth in Q3FY24.</li><li>Its EBITDA margins improved by 557bps YoY to 33.8% on account of better than-expected gross margin expansion of 639bps YoY to 72% due to benign input cost. </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.

Q3FY24 results were ahead of our estimates. The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price hikes.Colgate Max Fresh was also re-launched, which saw strong growth in Q3FY24.Its EBITDA margins improved by 557bps YoY to 33.8% on account of better than-expected gross margin expansion of 639bps YoY to 72% due to benign input cost. 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.

Colgate Palmolive (India) Ltd - Pricing Leading the Growth; Maintain HOLD

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.

Axis Direct

Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

SBI Cards is an expected DEL for NIFTY Next 50 in Sep 24 and BSE 100 in Jun 24. Jio Financial is an expected ADD for both BSE 100 and BSE 200 in...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: Potential Adds Continue to Run

With the review period complete, there could be 6 changes for the NIFTY NEXT50 in March. The potential adds have outperformed the potential deletes...

Brian Freitas

Colgate Palmolive (India) Ltd - Pricing Leading the Growth; Maintain HOLD

The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price...

Axis Direct

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