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>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</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.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)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.

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

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

<ul>
<li>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/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

<ul>
<li>There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>There are many stocks with opposing flows from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> trackers. <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> will have inflows from multiple index trackers over the next month.</li>
</ul>


There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
There are many stocks with opposing flows from NSE Nifty Next 50 Index trackers. Ola Electric (OLAELEC IN) will have inflows from multiple index trackers over the next month.


NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured book</li><li>Loan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businesses</li><li>Margins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY)</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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured bookLoan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businessesMargins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY)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: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

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

Motilal Oswal

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>Metro Brands (MBL)’s revenue grew 5% YoY (in line, -1% YoY in 1Q), driven by ~9% YoY area additions.</li><li>Gross profit grew 2% YoY (3% miss) due to ~100bp impact of FILA inventory liquidation at higher discounts.</li><li>EBITDA was flat YoY (5% miss) on account of lower gross margin, while PAT grew 6% YoY (7% miss).</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.

Metro Brands (MBL)’s revenue grew 5% YoY (in line, -1% YoY in 1Q), driven by ~9% YoY area additions.Gross profit grew 2% YoY (3% miss) due to ~100bp impact of FILA inventory liquidation at higher discounts.EBITDA was flat YoY (5% miss) on account of lower gross margin, while PAT grew 6% YoY (7% miss).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.

Metro Brands - Weak Gross Margin Led to 2Q Miss; Growth to Pick up in 2H

India

Metro Brands Limited designs and manufactures footwear. The Company offers men's and women's footwear, footcare products, and related accessories. Metro Brands serves customers in India.

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Metro Brands (METROBRA IN)

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes for the index in March. Estimated one-way turnover is 9.2% resulting in a one-way trade of INR15.9bn. There are many stocks...

Brian Freitas

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

(KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated...

HDFC Securities

Metro Brands - Weak Gross Margin Led to 2Q Miss; Growth to Pick up in 2H

Metro Brands (MBL)’s revenue grew 5% YoY (in line, -1% YoY in 1Q), driven by ~9% YoY area additions. Gross profit grew 2% YoY (3% miss)

Motilal Oswal

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