Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Godawari Power and Ispat / Equity Bottom-Up

<ul>
<li>GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.</li>
<li>Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.</li>
<li>Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.</li>
</ul>


GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Housing and Urban Development Corporation Limited / Equity Bottom-Up

Housing and Urban Development Corporation Limited

<ul>
<li>The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.</li>
<li>We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.</li>
<li>Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.</li>
</ul>


The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.


Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

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>Chemicals &amp; Agrochemicals: Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there may be some signs of recovery in certain pockets.</li><li>We expect most of the companies to post volume lead revenue growth, while the margin expansion is expected to be limited due to competitive pricing.</li><li>Furthermore, with the logistical challenges persisting during the quarter, the export volumes and freight costs remained impacted. </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.

Chemicals &amp; Agrochemicals: Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there may be some signs of recovery in certain pockets.We expect most of the companies to post volume lead revenue growth, while the margin expansion is expected to be limited due to competitive pricing.Furthermore, with the logistical challenges persisting during the quarter, the export volumes and freight costs remained impacted. 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.

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The NDA's landslide victory in Maharashtra has ushered in a period of political stability, boosting market sentiment and investor confidence. This will increase government spending on infrastructure &amp; rural development.</li>
<li>Analysts predict a modest recovery in corporate earnings in the second half of the fiscal year, potentially triggering a "mini risk-on rally". </li>
<li>While women-centric welfare schemes contributed to the NDA's success, concerns arise regarding their potential strain on state finances. </li>
</ul>


The NDA's landslide victory in Maharashtra has ushered in a period of political stability, boosting market sentiment and investor confidence. This will increase government spending on infrastructure &amp; rural development.
Analysts predict a modest recovery in corporate earnings in the second half of the fiscal year, potentially triggering a "mini risk-on rally". 
While women-centric welfare schemes contributed to the NDA's success, concerns arise regarding their potential strain on state finances. 


Maharashtra Elections Inject Optimism into Indian Markets

<ul><li>Continued volume growth in Lead and Aluminium: The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.</li><li>However, the reported volume growth was partially impacted as some output from the overseas subsidiary was utilized for manufacturing further refined products internally (in India).</li><li>The management reiterated its three-year volume growth expectations at a CAGR of 25%, which remains unchanged, and the company is expected to achieve a similar growth range in FY25.</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.

Continued volume growth in Lead and Aluminium: The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.However, the reported volume growth was partially impacted as some output from the overseas subsidiary was utilized for manufacturing further refined products internally (in India).The management reiterated its three-year volume growth expectations at a CAGR of 25%, which remains unchanged, and the company is expected to achieve a similar growth range in FY25.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.

Gravita India Ltd. - Volume and Margin Growth Continue; Maintain BUY

India

Gravita India Limited manufactures lead metal and other lead products by the recycling and smelting process. The Company produces lead ingots, lead alloys, and lead oxides.

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Gravita India (GRAV IN)

GPIL: Mining to Recycling

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there...

Axis Direct

Maharashtra Elections Inject Optimism into Indian Markets

NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...

Nimish Maheshwari

Gravita India Ltd. - Volume and Margin Growth Continue; Maintain BUY

The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GPIL: Mining to Recycling

​GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Rahul Jain

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

​Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Q3FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

Recent exports trends and pricing data indicates that most specialty chemical companies may continue to experience pricing pressures while there...

Axis Direct

Maharashtra Elections Inject Optimism into Indian Markets

​NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...

Nimish Maheshwari

Gravita India Ltd. - Volume and Margin Growth Continue; Maintain BUY

The company noted that recent regulatory changes have improved scrap availability, contributing to an overall volume growth of 8% during the quarter.

Axis Direct

GPIL expands its iron ore mining, pellet, and steel facilities, while also entering non-ferrous recycling through acquisition of Jammu Pigments....

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

NDA's victory in Maharashtra boosts market sentiment, predicts recovery in corporate earnings, but raises concerns about strain on state finances...