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>Hindalco’s Indian operations stood robust, backed by the resilient performance of Novelis.</li><li>Consolidated Revenue stood at Rs 78,133 Cr (up 20%/17% YoY/QoQ), 3% ahead of our estimate.</li><li>EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and copper performance.</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.

Hindalco’s Indian operations stood robust, backed by the resilient performance of Novelis.Consolidated Revenue stood at Rs 78,133 Cr (up 20%/17% YoY/QoQ), 3% ahead of our estimate.EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and copper performance.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.

Top Conviction Ideas - “Metals & Mining”

Equity Bottom-Up

<ul><li>Upstream Aluminium Strong: Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by 3%/5% YoY/QoQ at 232 kt.</li><li>Q4 CoP increased ~2.4% QoQ. Q1FY27 CoP expected to rise another ~5% QoQ, mainly due to furnace oil inflation, higher CPC and pitch costs. Coal prices remain relatively stable currently.</li><li>Aluminium Downstream Mix Improvement &amp; Premiumisation Continues: EBITDA grew 16%/9% YoY/QoQ to Rs 255 Cr, following shipments trajectory which stood at 124kt, up 18%/15% YoY/QoQ. </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.

Upstream Aluminium Strong: Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by 3%/5% YoY/QoQ at 232 kt.Q4 CoP increased ~2.4% QoQ. Q1FY27 CoP expected to rise another ~5% QoQ, mainly due to furnace oil inflation, higher CPC and pitch costs. Coal prices remain relatively stable currently.Aluminium Downstream Mix Improvement &amp; Premiumisation Continues: EBITDA grew 16%/9% YoY/QoQ to Rs 255 Cr, following shipments trajectory which stood at 124kt, up 18%/15% YoY/QoQ. 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.

Hindalco Industries Ltd - Robust Performance Across Segments; Novelis Headwinds Easing

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 the review period nearly complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> drops into deletion zone, while <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> and <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> are the highest ranked non-constituents outside direct inclusion zone.</li>
<li>Despite having a lower average free float market cap, <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> could be added to the index ahead of <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> to maintain sector balance.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) drops into deletion zone, while Shriram Finance (SHFL IN) and Hindalco Industries (HNDL IN) are the highest ranked non-constituents outside direct inclusion zone.
Despite having a lower average free float market cap, Hindalco Industries (HNDL IN) could be added to the index ahead of Shriram Finance (SHFL IN) to maintain sector balance.


SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the June 2026 index rebal event.</li>
<li>Roughly a month ago, it looked like there could be more than one index change in the next review. However, this is no longer the case.</li>
<li>We now see only one ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the June 2026 index rebal event.
Roughly a month ago, it looked like there could be more than one index change in the next review. However, this is no longer the case.
We now see only one ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


India

Hindalco Industries Limited is an integrated aluminum producer and copper manufacturer. The Company engages in bauxite mining, alumina refining, coal mining, captive power plants and alumnium smelting to downstream rolling, extrusions, and foils. Hindalco Industries is based in India and operates internationally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hindalco Industries (HNDL IN)

Top Conviction Ideas - “Metals & Mining”

EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and...

Axis Direct

Hindalco Industries Ltd - Robust Performance Across Segments; Novelis Headwinds Easing

Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by...

Axis Direct

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Top Conviction Ideas - “Metals & Mining”

EBITDA stood at Rs 10,176 Cr (up 6%/28% YoY/QoQ), exceeding our pre-Novelis results estimate of Rs 8,970 Cr, led by strong upstream aluminium and...

Axis Direct

Hindalco Industries Ltd - Robust Performance Across Segments; Novelis Headwinds Easing

Upstream EBITDA/t grew by 4%/12% YoY/QoQ to $1,756/t (firstquartile globally), aided by higher LME Aluminium even as third-party shipments drop by...

Axis Direct

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely