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>Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.</li><li>EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.</li><li>This was due to lower revenue from the Chemical segment.</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.

Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.This was due to lower revenue from the Chemical segment.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.

Nalco - Overall Miss Led by Weakness in the Chemical Segment

<ul><li>Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.</li><li>Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.</li><li>Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).</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.

Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).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.

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

<ul><li>NALCO reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.</li><li>Revenue at Rs 3,347 Cr grew by 2%/10% YoY/QoQ (3% beat vs. our estimate).</li><li>EBITDA stood at Rs 773 Cr (up 68%/95% YoY/QoQ) a 39% and 59% beat against our and consensus led by lower RM (down 26%/10% YoY/QoQ), power &amp; fuel (down 23%/19% YoY/QoQ) and employee expenses (down 6%/3% YoY/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.

NALCO reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.Revenue at Rs 3,347 Cr grew by 2%/10% YoY/QoQ (3% beat vs. our estimate).EBITDA stood at Rs 773 Cr (up 68%/95% YoY/QoQ) a 39% and 59% beat against our and consensus led by lower RM (down 26%/10% YoY/QoQ), power &amp; fuel (down 23%/19% YoY/QoQ) and employee expenses (down 6%/3% YoY/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.

Nalco -Robust Q3FY24; Lower Input Costs Drive All Round Beat

<ul><li>NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates.</li><li>Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices which declined by 9%/5% YoY/QoQ in Q2FY24.</li><li>Revenue missed our/consensus estimate by 4%, most probably due to lower-than-expected Alumina external sales. </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.

NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates.Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices which declined by 9%/5% YoY/QoQ in Q2FY24.Revenue missed our/consensus estimate by 4%, most probably due to lower-than-expected Alumina external sales. 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.

Nalco - Weak Q2FY24; Higher Power & Fuel Costs Drive Miss

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

Housing and Urban Development Corporation Limited / Event-Driven

Housing and Urban Development Corporation Limited

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

National Aluminium (NACL IN)

Nalco - Overall Miss Led by Weakness in the Chemical Segment

Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.

Axis Direct

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power...

Axis Direct

Nalco -Robust Q3FY24; Lower Input Costs Drive All Round Beat

The company has declared its 2 nd interim dividend of Rs 2/share, bringing the total interim dividend to Rs 3/share for FY24.

Axis Direct

Nalco - Weak Q2FY24; Higher Power & Fuel Costs Drive Miss

NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates. Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ

Axis Direct

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)