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>The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.</li><li>Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.</li><li>The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.</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>

The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.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.

Automotive Industry - CVs, PVs Outperform

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

Index Rebalance

<ul>
<li>With only 5 trading days to go in the review period, we see no constituent changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a>. </li>
<li>We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> and <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>. </li>
</ul>


With only 5 trading days to go in the review period, we see no constituent changes to the NIFTY Index (NIFTY INDEX) at the March rebalance.

Pidilite Industries (PIDI IN) is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of Bharat Petroleum Corp (BPCL IN). 
We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between Larsen &amp; Toubro (LT IN) and Mindtree Ltd (MTCL IN). 


NIFTY50 Index Rebalance Preview: No Changes Likely in March

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>With roughly a week left in the reference period, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices for the March 2023 Rebalance.</li>
<li>For NIFTY 50, <a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is the highest-ranked Potential ADD while <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a> is the highest-ranked Potential DELETE according to our estimates.</li>
<li>In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations.</li>
</ul>


With roughly a week left in the reference period, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices for the March 2023 Rebalance.
For NIFTY 50, Pidilite Industries (PIDI IN) is the highest-ranked Potential ADD while Bharat Petroleum Corp (BPCL IN) is the highest-ranked Potential DELETE according to our estimates.
In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations.


Quiddity Final Expectations for NIFTY Mar 23: Pidilite Could Be an Interesting Pre-Event Bet

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>In Q3, while 2W demand failed to pick up even in the festive season, PV, tractor and CV demand remained healthy</li><li>Supply chain constraints for major OEMs seem to have eased QoQ.</li><li>Export demand continues to be weak, given the geopolitical tensions</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>

In Q3, while 2W demand failed to pick up even in the festive season, PV, tractor and CV demand remained healthySupply chain constraints for major OEMs seem to have eased QoQ.Export demand continues to be weak, given the geopolitical tensionsContent 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.

Autos (Q3FY23 Results Preview): CVs could outperform in Q3

<div><div><div><div><ul><li>We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23.</li><li>However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a sequential basis, which would be led by volume de-growth as OEM’s wholesale volumes declined in Dec’22 post-festive season due to the normalization of channel inventories.</li><li>On the other hand, EBITDA margins are expected to expand both YoY/QoQ led by price hikes taken in the quarter, RM tailwinds, and FX benefits. Exports for 2W Auto OEMs continue to remain weak.</li></ul></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>

We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23.However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a sequential basis, which would be led by volume de-growth as OEM’s wholesale volumes declined in Dec’22 post-festive season due to the normalization of channel inventories.On the other hand, EBITDA margins are expected to expand both YoY/QoQ led by price hikes taken in the quarter, RM tailwinds, and FX benefits. Exports for 2W Auto OEMs continue to remain weak.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.

Auto Q3FY23 Preview - Margin Recovery Likely in Q3

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Automotive Industry - CVs, PVs Outperform

The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure...

Axis Direct

NIFTY50 Index Rebalance Preview: No Changes Likely in March

We do not expect any changes in March since Pidilite's average FFMC does not exceed 1.5x the FFMC for BPCL. There will be an adhoc change prior to...

Brian Freitas

Quiddity Final Expectations for NIFTY Mar 23: Pidilite Could Be an Interesting Pre-Event Bet

There could be 3.8mn shares to buy in Pidilite in March 2023 which is around 11.3 days of volume and translates to a flow size of US$115mn.

Janaghan Jeyakumar, CFA

Autos (Q3FY23 Results Preview): CVs could outperform in Q3

In Q3, while 2W demand failed to pick up even in the festive season, PV, tractor and CV demand remained healthySupply chain constraints for major...

HDFC Securities

Auto Q3FY23 Preview - Margin Recovery Likely in Q3

We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23. However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a...

Axis Direct

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