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>Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.</li><li>The stress in the unsecured portfolio has stabilised and is expected to gradually taper, driving credit costs lower.</li><li>Credit costs in the MFI portfolio peaked in Q1 and declined in Q2. The management has also indicated that credit costs in the credit card and PL portfolios will improve in H2 versus H1. </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.

Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.The stress in the unsecured portfolio has stabilised and is expected to gradually taper, driving credit costs lower.Credit costs in the MFI portfolio peaked in Q1 and declined in Q2. The management has also indicated that credit costs in the credit card and PL portfolios will improve in H2 versus H1. 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.

Kotak Mahindra Bank Ltd. - Healthy Growth and Margin Recovery to Drive Sustained Superior RoA

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.</li>
<li>F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.</li>
<li>MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.</li>
</ul>


India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.
F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.
MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.


India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In India, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In India, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

<ul><li>Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.</li><li>The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.</li><li>The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.</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.

Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.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.

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank Ltd. - Healthy Growth and Margin Recovery to Drive Sustained Superior RoA

Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.

Axis Direct

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kotak Mahindra Bank Ltd. - Healthy Growth and Margin Recovery to Drive Sustained Superior RoA

Unsecured Book Stress Ease; Credit Costs to Taper Over H2: In Q2, KMB witnessed an improvement in asset quality and a decline in credit costs.

Axis Direct

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

​India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

India: Relative Value Opportunities and Pair Trades (12 Oct 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

​Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.