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.

Equity Bottom-Up

<ul><li>Strong numbers but missed on margins: ITC delivered strong revenue growth of 16.8% YoY, driven by impressive performance in the Agribusiness (up 47% YoY) and the hotel segment (up 12.1% YoY).</li><li>The Cigarette business grew 7.3% YoY with 2-3% volume growth, in line with estimates, while the FMCG business reported slower growth of 5.4% YoY due to a broad-based slowdown in the FMCG sector.</li><li>However, the Paperboard business was adversely impacted by cheap Chinese imports, weak domestic demand, and rising wood prices.</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.

Strong numbers but missed on margins: ITC delivered strong revenue growth of 16.8% YoY, driven by impressive performance in the Agribusiness (up 47% YoY) and the hotel segment (up 12.1% YoY).The Cigarette business grew 7.3% YoY with 2-3% volume growth, in line with estimates, while the FMCG business reported slower growth of 5.4% YoY due to a broad-based slowdown in the FMCG sector.However, the Paperboard business was adversely impacted by cheap Chinese imports, weak domestic demand, and rising wood prices.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.

ITC Ltd - Missed on Margins; Maintain BUY

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>ITC 1QFY25 results were below our estimates as the non-FMCG business disappointed on all fronts</li><li>However, cigarette volume growth of 3% was marginally above our estimate of 2.5% due to a) differentiated variants and premium segments performing well, b) a sequential recovery in the value segment and c) sustained volume clawback from the illicit segment</li><li>FMCG margin expanded c25bps YoY to 11.3% despite the sequential uptick in selected commodities on account of premiumization, supply chain optimization and strategic cost mgmt initiatives</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.

ITC 1QFY25 results were below our estimates as the non-FMCG business disappointed on all frontsHowever, cigarette volume growth of 3% was marginally above our estimate of 2.5% due to a) differentiated variants and premium segments performing well, b) a sequential recovery in the value segment and c) sustained volume clawback from the illicit segmentFMCG margin expanded c25bps YoY to 11.3% despite the sequential uptick in selected commodities on account of premiumization, supply chain optimization and strategic cost mgmt initiativesContent 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.

ITC (1QFY25 Results Review): Non-FMCG Business Dents Profitability. Maintain REDUCE

<ul><li>The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).</li><li>Net revenue grew by 7.5% YoY to Rs 16,858 Cr. Cigarette revenue grew 6% YoY (~2-3% volume growth), FMCG revenue grew ~6% YoY, led by broad-based growth across categories despite subdued demand conditions.</li><li>The Hotel business maintained its stellar performance, with revenue up by 11% YoY. </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.

The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).Net revenue grew by 7.5% YoY to Rs 16,858 Cr. Cigarette revenue grew 6% YoY (~2-3% volume growth), FMCG revenue grew ~6% YoY, led by broad-based growth across categories despite subdued demand conditions.The Hotel business maintained its stellar performance, with revenue up by 11% YoY. 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.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>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> has broken its four-week decline and reversed direction. This raises the prospect for a bull run.</li>
<li>Continued decline or relief rally? Technical and fundamental arguments lend support to both directional views.</li>
<li>We identify options with attractive cost vs. upside profiles to implement tactical trades in this environment.</li>
</ul>


The NIFTY Index (NIFTY INDEX) has broken its four-week decline and reversed direction. This raises the prospect for a bull run.
Continued decline or relief rally? Technical and fundamental arguments lend support to both directional views.
We identify options with attractive cost vs. upside profiles to implement tactical trades in this environment.


EQD | Nifty 50 – Option Strategy for Bulls and Bears

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd - Missed on Margins; Maintain BUY

Strong numbers but missed on margins: ITC delivered strong revenue growth of 16.8% YoY, driven by impressive performance in the Agribusiness (up...

Axis Direct

ITC (1QFY25 Results Review): Non-FMCG Business Dents Profitability. Maintain REDUCE

We expect mean reversion/normalization in the non-FMCG business, which had seen a significant spike post-COVID. Additionally, two more tactical...

HDFC Securities

ITC Ltd. - Inline Numbers; Maintain BUY

The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).

Axis Direct

EQD | Nifty 50 – Option Strategy for Bulls and Bears

The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...

Gaudenz Schneider

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

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ITC Ltd - Missed on Margins; Maintain BUY

Strong numbers but missed on margins: ITC delivered strong revenue growth of 16.8% YoY, driven by impressive performance in the Agribusiness (up...

Axis Direct

ITC (1QFY25 Results Review): Non-FMCG Business Dents Profitability. Maintain REDUCE

We expect mean reversion/normalization in the non-FMCG business, which had seen a significant spike post-COVID. Additionally, two more tactical...

HDFC Securities

ITC Ltd. - Inline Numbers; Maintain BUY

The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).

Axis Direct

EQD | Nifty 50 – Option Strategy for Bulls and Bears

​The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...

Gaudenz Schneider

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

The NIFTY 50 snaped its four-week decline. Options with attractive cost vs. upside profile make for tactical trades ahead of a recovery rally, or...