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)

<ul><li>Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)</li><li>LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)</li><li>It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launches</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.

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launchesContent 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: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

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.

Equity Bottom-Up

<ul>
<li>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li>
<li>It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.</li>
<li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </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.


Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.
It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.
The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk 

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.

Lemon Tree Hotels - Lean Cost, Firm Room Rates Drive Profitability…

<ul><li>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li><li>It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.</li><li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </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.

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk 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.

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

India

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

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Lemon Tree Hotels Ltd (LEMONTRE IN)

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW),

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Lemon Tree Hotels - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across...

ICICI Securities Limited

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across...

ICICI Securities Limited

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