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>In the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)</li><li>If private capex is picking up, then why isn’t that visible in credit growth of the banking system?</li><li>Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.</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 the past five years, when Central government accelerated its capex momen-tum to bring about sustainable investment-led growth in the country, the in-vestor community remained puzzled with two questions: Is private capex picking up as well? (Capex-on a sustainable upswing)If private capex is picking up, then why isn’t that visible in credit growth of the banking system?Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&amp;T, Maruti, Mahindra &amp; Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.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.

Capex Tracker: Private and central capex strong, states fall behind

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.</li><li>The domestic CV industry saw a degrowth of 1% YoY.</li><li>The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M respectively. </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.

Apr’25 Wholesale Volumes: Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&amp;M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and Maruti saw 4% YoY growth.The domestic CV industry saw a degrowth of 1% YoY.The domestic tractor industry registered 7% YoY volume growth, led by 69% and 8% YoY growth in VST Tillers and M&amp;M respectively. 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 & 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

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Since the last reshuffle (August 11), our Model Portfolio has appreciated 1.18%, against MXASJ's 0.92% advance. Since inception on May 15, 2025, our portfolio is up 44.9%, against MXASJ's 45.8%.</li>
<li>The main drivers of our portfolio were Korea (contributed 2.77% return) and Taiwan (0.34%). The returns were dragged down by China (-1.14%) and India (-0.66%).</li>
<li>We exclude Reliance Industries and include Hitachi Energy, reaffirming our preference for Indian industrials. Our overweight on HK/China, Korea, India and underweight on Taiwan (but preference for Taiwan technology) continues.</li>
</ul>


Since the last reshuffle (August 11), our Model Portfolio has appreciated 1.18%, against MXASJ's 0.92% advance. Since inception on May 15, 2025, our portfolio is up 44.9%, against MXASJ's 45.8%.
The main drivers of our portfolio were Korea (contributed 2.77% return) and Taiwan (0.34%). The returns were dragged down by China (-1.14%) and India (-0.66%).
We exclude Reliance Industries and include Hitachi Energy, reaffirming our preference for Indian industrials. Our overweight on HK/China, Korea, India and underweight on Taiwan (but preference for Taiwan technology) continues.


Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>
Project completions rose to Rs.1.5 trillion in March 2025, surpassing Rs.1.3 trillion in December 2024, but yearly performance lags behind 2023-24 and 2022-23.</li>
<li>
Private sector led with Rs.675 billion, while central government completed Rs.463 billion, boosted by the Rs.257 billion P-75 Submarines Project finalized in January 2025.</li>
<li>
Renewable energy dominated completions at Rs.326 billion, with Adani Green’s Rs.65 billion solar projects in Rajasthan enhancing India’s green energy capacity.</li>
</ul>



Project completions rose to Rs.1.5 trillion in March 2025, surpassing Rs.1.3 trillion in December 2024, but yearly performance lags behind 2023-24 and 2022-23.

Private sector led with Rs.675 billion, while central government completed Rs.463 billion, boosted by the Rs.257 billion P-75 Submarines Project finalized in January 2025.

Renewable energy dominated completions at Rs.326 billion, with Adani Green’s Rs.65 billion solar projects in Rajasthan enhancing India’s green energy capacity.


India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Since last reshuffle Portfolio is up 1.18% vs MXASJ's 0.92%. Since inception it's up 44.9% vs MXASJ's 45.8%. Excluded Reliance Ind, included...

Manishi Raychaudhuri

India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...

Viral Kishorchandra Shah

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52-week Range

Market Cap (USDm)

P/E

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Capex Tracker: Private and central capex strong, states fall behind

Top capex plays (HSIE coverage): Cummins India, Siemens, SRF, L&T, Maruti, Mahindra & Mahindra, Apollo Hospitals, JSPL, NTPC, and Power-Grid.

HDFC Securities

Auto Monthly Sales Volume - April 2025

Domestic PV industry sales grew by 6-7% YoY, driven by strong volumes by Toyota, M&M, JSW MG and Kia, while Hyundai/TaMo witnessed declines; and...

Axis Direct

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

Asian Equities: Model Portfolio Outperformed Marginally; Focus More on Indian Industrials

Since last reshuffle Portfolio is up 1.18% vs MXASJ's 0.92%. Since inception it's up 44.9% vs MXASJ's 45.8%. Excluded Reliance Ind, included...

Manishi Raychaudhuri

India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

​Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...

Viral Kishorchandra Shah

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...