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>Market Breadth Narrowing; Emphasis On Style &amp; Sector Rotation</li><li>The Axis Top Picks Basket delivered an excellent return of 10.4% in the last three months against the 7.5% returns posted by Nifty 50 over the same period.</li><li>Moreover, the basket climbed up by 2.3% in the last one month. It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 348% since its inception (May’20), which stands well above the 178% return delivered by the NIFTY 50 index over the same period. </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.

Market Breadth Narrowing; Emphasis On Style &amp; Sector RotationThe Axis Top Picks Basket delivered an excellent return of 10.4% in the last three months against the 7.5% returns posted by Nifty 50 over the same period.Moreover, the basket climbed up by 2.3% in the last one month. It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 348% since its inception (May’20), which stands well above the 178% return delivered by the NIFTY 50 index over the same period. 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 October 2024

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.

Equity Bottom-Up

<ul><li>We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)</li><li>We interacted with Mr Puneet Dalmia (Managing Director and CEO) to understand market dynamics and Dalmia’s growth plans</li><li>The company remains committed to growing faster than the industry and scaling capacity to 75mn MT by 2027</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.

We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)We interacted with Mr Puneet Dalmia (Managing Director and CEO) to understand market dynamics and Dalmia’s growth plansThe company remains committed to growing faster than the industry and scaling capacity to 75mn MT by 2027Content 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.

Dalmia Bharat: Long-Term Growth Story Intact. Maintain BUY

<ul><li>The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.</li><li>Volume growth during the quarter was in line with our expectation of 5%. </li><li>EBITDA margins declined by 50 bps YoY, driven by lower realization, although positively impacted by lower costs during the quarter.</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 companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.Volume growth during the quarter was in line with our expectation of 5%. EBITDA margins declined by 50 bps YoY, driven by lower realization, although positively impacted by lower costs during the quarter.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>During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.</li><li>Its volume grew by 6%, which was in line with expectations. Revenue remained flattish, while EBITDA increased by 10%, supported by lower costs.</li><li>The company reported a profit of Rs 141 Cr against the estimate of Rs 154 Cr in Q1FY24, owing to an exceptional item related to the acquisition of JP Cement assets (Rs 110 Cr). </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.

During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.Its volume grew by 6%, which was in line with expectations. Revenue remained flattish, while EBITDA increased by 10%, supported by lower costs.The company reported a profit of Rs 141 Cr against the estimate of Rs 154 Cr in Q1FY24, owing to an exceptional item related to the acquisition of JP Cement assets (Rs 110 Cr). 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.

Dalmia Bharat Limited - Lower Operating Costs Drive EBITDA Margins; Retain BUY

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</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.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Axis Top Picks for the Month of October 2024

The Axis Top Picks Basket delivered an excellent return of 10.4% in the last three months against the 7.5% returns posted by Nifty 50 over the same...

Axis Direct

Dalmia Bharat: Long-Term Growth Story Intact. Maintain BUY

We maintain a BUY rating on Dalmia Bharat with an unchanged target price of INR 2,205/share (12x its Sep-26E consolidated EBITDA)

HDFC Securities

Top Sector Ideas - Cement (Q1FY25)

The companies under our coverage reported a Revenue/EBITDA/APAT de-growth of 1%/4%/9% YoY, against expectations of 0%/7%/4% growth.

Axis Direct

Dalmia Bharat Limited - Lower Operating Costs Drive EBITDA Margins; Retain BUY

During the quarter, DBL reported better operating performance driven by volume growth, lower operating costs YoY, and stable realization QoQ.

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

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