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)

<div><div><div><ul><li>Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).</li></ul><div><div><div><ul><li>Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.</li></ul><div><div><div><ul><li>Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.</li></ul></div></div></div></div></div></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>

Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.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.

Power - Shifting Energy Landscape: Grey to Green Gains Pace

<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</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>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent 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.

Power: Better Realisation and Low YoY Base to Boost PAT

Equity Bottom-Up

<p>JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours and consensus estimate). Net generation, however, declined 2.6% YoY to 4.5bn units, owing to lower generation across the Ratnagiri plant (on plant maintenance). Accordingly, PLF declined for the Ratnagiri stations, but was up for Vijayanagar and hydro plants; it was largely flat for the Barmer station. EBITDA too increased 31% YoY, aided by an improved topline and flat fuel cost (given job work arrangement by the company).</p>
<div class="content-highlight"><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></div>

JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours and consensus estimate). Net generation, however, declined 2.6% YoY to 4.5bn units, owing to lower generation across the Ratnagiri plant (on plant maintenance). Accordingly, PLF declined for the Ratnagiri stations, but was up for Vijayanagar and hydro plants; it was largely flat for the Barmer station. EBITDA too increased 31% YoY, aided by an improved topline and flat fuel cost (given job work arrangement by the company).
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: L&T Infotech, ICICI Lombard, JSW Energy, Tata Elxsi

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>Near the end of the review period, we see 8 stocks migrating upward from Mid to Large Cap and 9 stocks migrating from Small to Mid Cap.</li>
<li>We expect 12 stocks to migrate downward from Large to Mid Cap and 19 stocks from Mid to Small Cap. Four new listings will be added to the Large Caps.</li>
<li>Historically, the upward migrating stocks have outperformed the stocks migrating lower as the active funds rebalance their portfolios to meet regulations around stocks held based on the fund classification.</li>
</ul>


Near the end of the review period, we see 8 stocks migrating upward from Mid to Large Cap and 9 stocks migrating from Small to Mid Cap.
We expect 12 stocks to migrate downward from Large to Mid Cap and 19 stocks from Mid to Small Cap. Four new listings will be added to the Large Caps.
Historically, the upward migrating stocks have outperformed the stocks migrating lower as the active funds rebalance their portfolios to meet regulations around stocks held based on the fund classification.


India: Half-Yearly Stock Reclassification for Active Funds

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<p>JSW Energy’s (JSWEL) Board has approved the reorganisation of the company’s green and grey businesses. Its RE business (operational: 1,391MW hydro &amp; 10MW solar; under construction: 240MW hydro &amp; 2,218MW of solar + wind) will be housed under a new wholly-owned subsidiary – JSW Neo Energy. The thermal business (3,158MW) will continue to be part of JSWEL.</p><div class="content-highlight"><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></div>

JSW Energy’s (JSWEL) Board has approved the reorganisation of the company’s green and grey businesses. Its RE business (operational: 1,391MW hydro &amp; 10MW solar; under construction: 240MW hydro &amp; 2,218MW of solar + wind) will be housed under a new wholly-owned subsidiary – JSW Neo Energy. The thermal business (3,158MW) will continue to be part of JSWEL.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.

Grey and green businesses to be reorganised

India

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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JSW Energy Ltd (JSW IN)

Power - Shifting Energy Landscape: Grey to Green Gains Pace

Renewables are poised to play a huge role in India’s energy sector, with capacity increasing fourfold by 2030, aided by stringent Renewable Power...

HDFC Securities

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

HSIE Results Daily: L&T Infotech, ICICI Lombard, JSW Energy, Tata Elxsi

JSW Energy: Higher realisation and increased generation at the Vijayanagar and hydro plants boosted Q3FY22 PAT by 126% YoY to INR3.2bn (above ours...

HDFC Securities

India: Half-Yearly Stock Reclassification for Active Funds

Upward migrations include 8 stocks from MidCap to LargeCap & 9 from SmallCap to MidCap. 4 new listings will join the LargeCaps and 6 new listings...

Brian Freitas

Grey and green businesses to be reorganised

JSW Energy’s (JSWEL) Board has approved the reorganisation of the company’s green and grey businesses. Its RE business (operational: 1,391MW hydro...

ICICI Securities Limited

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