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.

<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.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.</li>
<li>We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.</li>
<li>We will review our note on these names post their monthly sales volume performance and outlook in medium term.</li>
</ul>


Our selection of Indian Auto companies is based on these characteristics: value, near term growth triggers, margin of safety and management commentary post Q4FY25 Results.
We present our list of stocks in the BUY, SELL(short) and HOLD category in this insight.
We will review our note on these names post their monthly sales volume performance and outlook in medium term.


Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

<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

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS 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

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

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Shortlist Of High Conviction Long and Short Ideas in Indian Auto:Growth Outlook & Valuation-May 2025

​Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...

Sreemant Dudhoria,CFA

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

Highlights Indian Auto companies based on value, growth triggers and management commentary post Q4FY25 results. Stocks categorized as BUY, SELL...