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>In Q3FY24, LTIMindtree Ltd. (LTIMINDTREE) reported revenue of Rs 9,017 Cr, up 1.2% QoQ (0.7% QoQ in CC terms).</li><li>This was slightly below our expectations. The company’s operating profit stood at Rs 1,386 Cr, reporting a decline of 2.6% on a QoQ basis.</li><li>This was largely on account of lower overall demand in the majority of its operating regions. Its net profit for Q3FY24 stood at Rs 1,169 Cr, registering a growth of 0.6% QoQ.</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.

In Q3FY24, LTIMindtree Ltd. (LTIMINDTREE) reported revenue of Rs 9,017 Cr, up 1.2% QoQ (0.7% QoQ in CC terms).This was slightly below our expectations. The company’s operating profit stood at Rs 1,386 Cr, reporting a decline of 2.6% on a QoQ basis.This was largely on account of lower overall demand in the majority of its operating regions. Its net profit for Q3FY24 stood at Rs 1,169 Cr, registering a growth of 0.6% QoQ.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.

LTIMINDTREE Ltd. - Near-Term Challenges Persist; Tepid Results

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>We prefer LTIMindtree (LTIM) within large-cap IT and expect the company to outperform tier-1 IT peers on growth despite challenges in the BFSI vertical</li><li>Since the merger a year back and with the integration process complete, LTIM is set for ‘sustainable growth outperformance’ based on (1) an increase in deal pipeline, driven by advisory/partnership channel (scale linked) and longer-tenured deal wins, (2) strong credentials in high-growth services compared to larger tier-1 peers, (3) client mining prowess (2x growth in USD 10mn+), supported by strong sales efficiency (matching larger peers) and large cross-sell opportunity, (4) enterprise tracker and deal wins pointing to outperformance in insurance, manufacturing, healthcare, travel &amp; hospitality sub-verticals, and (5) medium-term margin uptrend on gross margin improvement, SG&amp;A optimization and stability in senior management following changes during integration.</li><li>Near-term concerns of higher than usual impact of furlough as well as weakness in concentrated BFS portfolio persist</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.

We prefer LTIMindtree (LTIM) within large-cap IT and expect the company to outperform tier-1 IT peers on growth despite challenges in the BFSI verticalSince the merger a year back and with the integration process complete, LTIM is set for ‘sustainable growth outperformance’ based on (1) an increase in deal pipeline, driven by advisory/partnership channel (scale linked) and longer-tenured deal wins, (2) strong credentials in high-growth services compared to larger tier-1 peers, (3) client mining prowess (2x growth in USD 10mn+), supported by strong sales efficiency (matching larger peers) and large cross-sell opportunity, (4) enterprise tracker and deal wins pointing to outperformance in insurance, manufacturing, healthcare, travel &amp; hospitality sub-verticals, and (5) medium-term margin uptrend on gross margin improvement, SG&amp;A optimization and stability in senior management following changes during integration.Near-term concerns of higher than usual impact of furlough as well as weakness in concentrated BFS portfolio persistContent 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.

LTIMindtree (Update): In the Big League. Maintain BUY

<ul><li>In Q2FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,905 Cr, up 2% QoQ (0.1% QoQ in CC terms).</li><li>This was in line with our expectations. The company’s operating profit stood at Rs 1,423 Cr, reporting only a marginal growth of 0.1% on a QoQ basis.</li><li>This was largely on account of lower overall demand in the majority of its operating regions. </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.

In Q2FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,905 Cr, up 2% QoQ (0.1% QoQ in CC terms).This was in line with our expectations. The company’s operating profit stood at Rs 1,423 Cr, reporting only a marginal growth of 0.1% on a QoQ basis.This was largely on account of lower overall demand in the majority of its operating regions. 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.

LTIMINDTREE Ltd. - Inline Results; Near-Term Challenges Persist

<ul><li>In Q1FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,702 Cr, up 0.1% QoQ and 0.1% QoQ (in CC terms) which stood below our expectations.</li><li>The company’s operating profit stood at Rs 1,450 Cr, reporting only a marginal growth of 2.1% on a QoQ basis.</li><li>This was largely on account of lower overall demand in the majority of its operating regions. </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.

In Q1FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,702 Cr, up 0.1% QoQ and 0.1% QoQ (in CC terms) which stood below our expectations.The company’s operating profit stood at Rs 1,450 Cr, reporting only a marginal growth of 2.1% on a QoQ basis.This was largely on account of lower overall demand in the majority of its operating regions. 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.

Ltimindtree Ltd - Inline Results; Near-Term Challenges Persists

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

Event-Driven

<ul>
<li>Media reports indicate that the <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> merger with <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> is expected to complete in 4-5 weeks.</li>
<li>There will be inclusions to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index </a>and capping changes to the <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a> apart from changes to global indices.</li>
<li>While the impact on the merging entities is not big, there will be fairly large flows on some stocks that are index inclusions or affected by capping changes.</li>
</ul>


Media reports indicate that the HDFC Bank (HDFCB IN) merger with HDFC Limited (HDFC IN) is expected to complete in 4-5 weeks.
There will be inclusions to the NIFTY Index, Nifty Next 50 Index and S&amp;P BSE SENSEX Index and capping changes to the Nifty Bank Index apart from changes to global indices.
While the impact on the merging entities is not big, there will be fairly large flows on some stocks that are index inclusions or affected by capping changes.


HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

LTIMINDTREE Ltd. - Near-Term Challenges Persist; Tepid Results

In Q3FY24, LTIMindtree Ltd. (LTIMINDTREE) reported revenue of Rs 9,017 Cr, up 1.2% QoQ (0.7% QoQ in CC terms). This was slightly below our...

Axis Direct

LTIMindtree (Update): In the Big League. Maintain BUY

We prefer LTIMindtree (LTIM) within large-cap IT and expect the company to outperform tier-1 IT peers on growth despite challenges in the BFSI...

HDFC Securities

LTIMINDTREE Ltd. - Inline Results; Near-Term Challenges Persist

In Q2FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,905 Cr, up 2% QoQ (0.1% QoQ in CC terms). This was in line with our expectations

Axis Direct

Ltimindtree Ltd - Inline Results; Near-Term Challenges Persists

In Q1FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,702 Cr, up 0.1% QoQ and 0.1% QoQ (in CC terms) which stood below our expectations.

Axis Direct

HDFC/HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications

Media reports indicate that the HDFC Bank merger with HDFC Ltd is expected to complete in 4-5 weeks. There will be ad hoc inclusions to the...

Brian Freitas

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LTIMINDTREE Ltd. - Near-Term Challenges Persist; Tepid Results

In Q3FY24, LTIMindtree Ltd. (LTIMINDTREE) reported revenue of Rs 9,017 Cr, up 1.2% QoQ (0.7% QoQ in CC terms). This was slightly below our...

Axis Direct

LTIMindtree (Update): In the Big League. Maintain BUY

We prefer LTIMindtree (LTIM) within large-cap IT and expect the company to outperform tier-1 IT peers on growth despite challenges in the BFSI...

HDFC Securities

LTIMINDTREE Ltd. - Inline Results; Near-Term Challenges Persist

In Q2FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,905 Cr, up 2% QoQ (0.1% QoQ in CC terms). This was in line with our expectations

Axis Direct

Ltimindtree Ltd - Inline Results; Near-Term Challenges Persists

In Q1FY24, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 8,702 Cr, up 0.1% QoQ and 0.1% QoQ (in CC terms) which stood below our expectations.

Axis Direct

HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications

Media reports indicate that the HDFC Bank merger with HDFC Ltd is expected to complete in 4-5 weeks. There will be ad hoc inclusions to the...

Brian Freitas

HDFC/HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications