External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>MAX Financial Services (MAXF) reported a steady performance in 3QFY25. The new business APE rose 17.4% YoY (in line) to INR21.1b.</li><li>For 9MFY25, it came in at INR57.3b, up 26% YoY.</li><li>MAXF reported a flat VNB growth on a YoY basis (in line) at INR 4.9b.</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.

MAX Financial Services (MAXF) reported a steady performance in 3QFY25. The new business APE rose 17.4% YoY (in line) to INR21.1b.For 9MFY25, it came in at INR57.3b, up 26% YoY.MAXF reported a flat VNB growth on a YoY basis (in line) at INR 4.9b.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.

MAX Financial Services - Strong APE Growth Driven by 19% Growth in NOP

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.

Thematic (Sector/Industry)

<ul><li>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.</li>
<li>While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.</li>
<li>Companies which have zoomed after the insider purchases include - <a href="https://www.smartkarma.com/entities/lt-foods-ltd" target="_blank" data-smartkarma-citation="entities:20784:1" rel="noopener">LT Foods Ltd (LTFO IN)</a> (+10%), Valor Estate (+11%). In smaller names - <a href="https://www.smartkarma.com/entities/man-industries-india-ltd" target="_blank" data-smartkarma-citation="entities:20233:1" rel="noopener">Man Industries (India) (MAN IN)</a> (+88%)</li>
</ul>


Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
Companies which have zoomed after the insider purchases include - LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names - Man Industries (India) (MAN IN) (+88%)


India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

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

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

India

Max Financial Services Limited operates as a life insurance company. The Company, through its subsidiaries, provides life insurance and health insurance products, as well as healthcare services. Max Financial Services serves insurance and health industry worldwide.

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Max India Ltd (MAXF IN)

MAX Financial Services - Strong APE Growth Driven by 19% Growth in NOP

MAX Financial Services (MAXF) reported a steady performance in 3QFY25. The new business APE rose 17.4% YoY (in line) to INR21.1b.

Motilal Oswal

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

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