External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

Near-term demand is tepid and demand decline is seen (especially last month) due to (a) the ban on construction in the NCR region due to severe pollution levels, (b) an extended monsoon, (c) weak sentiment in the international market consumers are adopting the wait-and-watch policy, and (d) sufficient inventory lying with traders, who, in a falling market, would try and liquidate rather than accumulate....<div class="content-highlight">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.</div>

Near-term demand is tepid and demand decline is seen (especially last month) due to (a) the ban on construction in the NCR region due to severe pollution levels, (b) an extended monsoon, (c) weak sentiment in the international market consumers are adopting the wait-and-watch policy, and (d) sufficient inventory lying with traders, who, in a falling market, would try and liquidate rather than accumulate....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.

Cautious near-term demand, but pent-up demand inevitable

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Post market close on 23 August, the Index Maintenance Sub-Committee (IMSC) of NSE Indices announced the results of the September index review for the NIFTY family of indices. The rebalance will be effective after the close of trading on 29 September and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on the day.There are no 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>, in line with what we expected.There are 5 changes to the NIFTY Next 50 Index. <a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a>, <a href="https://www.smartkarma.com/entities/cholamandalam-investment-and-finance" target="_blank" data-smartkarma-citation="entities:17583:1" rel="noopener">Cholamandalam Investment and Finance (CIFC IN)</a>, <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>, <a href="https://www.smartkarma.com/entities/pi-industries-ltd" target="_blank" data-smartkarma-citation="entities:6040:1" rel="noopener">Pi Industries (PI IN)</a> and <a href="https://www.smartkarma.com/entities/steel-authority-of-india" target="_blank" data-smartkarma-citation="entities:14323:1" rel="noopener">Steel Authority of India (SAIL IN)</a> will be included in the index, while <a href="https://www.smartkarma.com/entities/abbott-india-ltd" target="_blank" data-smartkarma-citation="entities:9687:1" rel="noopener">Abbott India (BOOT IN)</a>, <a href="https://www.smartkarma.com/entities/alkem-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:26928:1" rel="noopener">Alkem Laboratories Ltd (ALKEM IN)</a>, <a href="https://www.smartkarma.com/entities/mrf-ltd" target="_blank" data-smartkarma-citation="entities:2930:1" rel="noopener">Mrf Ltd (MRF IN)</a>, <a href="https://www.smartkarma.com/entities/petronet-lng-ltd" target="_blank" data-smartkarma-citation="entities:15235:1" rel="noopener">Petronet LNG (PLNG IN)</a> and <a href="https://www.smartkarma.com/entities/united-breweries-ltd" target="_blank" data-smartkarma-citation="entities:18080:1" rel="noopener">United Breweries (UBBL IN)</a> will be deleted from the index.While the headline impact in terms of ADV looks low, a look at the impact compared to the delivery volumes paints a different picture.There are a whole bunch of changes to constituents of other indices too. However, the assets tracking these indices are small and there will be negligible impact on the stocks.There is an expansion of the index universe for the NIFTY indices with REITs and Infrastructure Investment Trusts (InvITs) becoming eligible for inclusion in the indices.

Post market close on 23 August, the Index Maintenance Sub-Committee (IMSC) of NSE Indices announced the results of the September index review for the NIFTY family of indices. The rebalance will be effective after the close of trading on 29 September and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on the day.There are no changes to the NIFTY Index (NIFTY INDEX), in line with what we expected.There are 5 changes to the NIFTY Next 50 Index. Bank Of Baroda (BOB IN), Cholamandalam Investment and Finance (CIFC IN), Jindal Steel &amp; Power (JSP IN), Pi Industries (PI IN) and Steel Authority of India (SAIL IN) will be included in the index, while Abbott India (BOOT IN), Alkem Laboratories Ltd (ALKEM IN), Mrf Ltd (MRF IN), Petronet LNG (PLNG IN) and United Breweries (UBBL IN) will be deleted from the index.While the headline impact in terms of ADV looks low, a look at the impact compared to the delivery volumes paints a different picture.There are a whole bunch of changes to constituents of other indices too. However, the assets tracking these indices are small and there will be negligible impact on the stocks.There is an expansion of the index universe for the NIFTY indices with REITs and Infrastructure Investment Trusts (InvITs) becoming eligible for inclusion in the indices.

NIFTY NEXT50 Index Rebalance: More Beneath The Surface

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>'s current journey to diverge from its power arm JPL is everything but a smooth ride. In <a href="https://www.smartkarma.com/insights/jspl-shareholder-activism-gains-credence" target="_blank" data-smartkarma-citation="insights:51954" rel="noopener">JSPL- Shareholder Activism Gains Credence</a> , we had highlighted the nitty gritty of the deal, and how it was a value-erosion for the minorities.
After the shareholder activism gained credence and forced the management to go back and consider the deal, JSPL this month filed a revised BoD approved agreement with the same promoter entity i.e. Worldone. However, it has come to known that the new revised deal structure is nothing but just like an old wine in a new bottle. The core portion of the deal remains the same, and with rather superficial nature of modifications, the deal is an eyewash to the investors.
Our stance thereby remains bearish, like that of our previous insight.

Jindal Steel &amp; Power (JSP IN)'s current journey to diverge from its power arm JPL is everything but a smooth ride. In JSPL- Shareholder Activism Gains Credence , we had highlighted the nitty gritty of the deal, and how it was a value-erosion for the minorities.
After the shareholder activism gained credence and forced the management to go back and consider the deal, JSPL this month filed a revised BoD approved agreement with the same promoter entity i.e. Worldone. However, it has come to known that the new revised deal structure is nothing but just like an old wine in a new bottle. The core portion of the deal remains the same, and with rather superficial nature of modifications, the deal is an eyewash to the investors.
Our stance thereby remains bearish, like that of our previous insight. 

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

Jindal Steel &amp; Power (JSPL) reported lower than expected Q1FY22 EBIDTA on weaker than expected sales volumes. Its standalone EBITDA decreased 7% QoQ to Rs45 bn as its volumes fell 16% to 1.6 mn tonnes. Exports contributed 34% to its sales in 1QFY22 compared to 27% in Q1FY21 as lockdown affected domestic demand. Nevertheless, its...<div class="content-highlight">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.</div>

Jindal Steel &amp; Power (JSPL) reported lower than expected Q1FY22 EBIDTA on weaker than expected sales volumes. Its standalone EBITDA decreased 7% QoQ to Rs45 bn as its volumes fell 16% to 1.6 mn tonnes. Exports contributed 34% to its sales in 1QFY22 compared to 27% in Q1FY21 as lockdown affected domestic demand. Nevertheless, its...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.

Q1FY22 Result Review : Jindal Steel & Power

<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a> in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism. The activism movement relates to the decision of selling its entire power arm, Jindal Power Limited to a promoter group entity, a decision that embarked a controversy. This is a second major shareholder activism, creating a roadblock for the promoters, after what happened with JSW Energy recently, which was covered by us in <a href="https://www.smartkarma.com/insights/jsw-energy-fresh-trouble" target="_blank" data-smartkarma-citation="insights:42651" rel="noopener">JSW Energy: Fresh Trouble</a>. 
With the above two entities combined with <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>'s <a href="https://www.smartkarma.com/insights/vedanta-delisting-failure-the-upsurge-of-shareholder-activism-in-india" target="_blank" data-smartkarma-citation="insights:44110" rel="noopener">Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?</a>  , one thing is certain, that shareholder activism in India is gaining credence, and it is about time that these promoter-family-businesses take them seriously.

Jindal Steel &amp; Power (JSP IN) in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism. The activism movement relates to the decision of selling its entire power arm, Jindal Power Limited to a promoter group entity, a decision that embarked a controversy. This is a second major shareholder activism, creating a roadblock for the promoters, after what happened with JSW Energy recently, which was covered by us in JSW Energy: Fresh Trouble. 
With the above two entities combined with Vedanta Ltd (VEDL IN)'s Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?  , one thing is certain, that shareholder activism in India is gaining credence, and it is about time that these promoter-family-businesses take them seriously.

JSPL- Shareholder Activism Gains Credence

India

Jindal Steel Limited manufactures steel products. The Company offers steel rails, parallel flange beams and columns, angles and channels, plates, and coils, as well as engages in the power, mining, manufacturing, and infrastructure construction businesses. Jindal Steel serves customers worldwide.

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Jindal Steel (JINDALST IN)

Cautious near-term demand, but pent-up demand inevitable

Near-term demand is tepid and demand decline is seen (especially last month) due to (a) the ban on construction in the NCR region due to severe...

Motilal Oswal

NIFTY NEXT50 Index Rebalance: More Beneath The Surface

There are 5 changes to the NIFTY Next 50 Index that will be implemented at the close on 29 September. The impact is quite large compared to the...

Brian Freitas

JSPL Divestment: A Two-Time Failure?

JSPL has announced a revised deal with Worldone for divestment of JPL, but as it turns out the revised deal structure is more or less an eyewash...

Nitin Mangal

Q1FY22 Result Review : Jindal Steel & Power

Jindal Steel & Power (JSPL) reported lower than expected Q1FY22 EBIDTA on weaker than expected sales volumes. Its standalone EBITDA decreased 7%...

IDBI Capital

JSPL- Shareholder Activism Gains Credence

JSPL in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism with the decision to sell off its...

Nitin Mangal

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