External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%</li><li>The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%</li><li>Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)</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.

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%The auto division’s EBIT margin at 9.2% was broadly in line with our estimate of 9.1%Margin contracted 44bps QoQ as the company commenced contract manufacturing for its ePV subsidiary Mahindra Electric Automobile Ltd (MEAL)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.

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

Apeejay Surrendra Park Hotel / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a>, With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  </li>
<li>F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. </li>
<li>Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  
F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. 
Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.


The Beat Ideas: Park Hotels: Serving Long-Term Value

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.</li><li>A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.</li><li>Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. </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.

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. 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.

Trump Tariffs - Possible Impact on Our Market

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>We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

India

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

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Indian Hotels (IH IN)

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

The Beat Ideas: Park Hotels: Serving Long-Term Value

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: Mahindra & Mahindra, Indian Hotels, CDSL, V-MART Retail

Mahindra & Mahindra’s Q4FY25 standalone EBITDA margin at 14.9% was above our estimate of 14.1% and Bloomberg consensus estimate of 14.0%

HDFC Securities

The Beat Ideas: Park Hotels: Serving Long-Term Value

​Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...