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. 

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Equity Bottom-Up

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.</li><li>EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.</li><li>Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).</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.

Overall beat: NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the Alumina and Aluminium divisions.EBIT at both divisions increased sharply, led by higher Alumina and Aluminium prices in Q3FY25.Alumina refinery expansion: The 5th stream Alumina refinery of 1 mtpa is 70% complete and is expected to be commissioned by the end of FY26 from earlier guidance of Sep’25 (Q2FY26).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.

National Aluminium Company Ltd - Robust Q3 Led by Strong Commodity Prices

<ul><li>Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. </li><li>Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).</li><li>The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.</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.

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.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.

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

<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

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 / Event-Driven

Housing and Urban Development Corporation (HUDCO IN)

Housing and Urban Development Corporation

<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

<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

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.

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National Aluminium (NACL IN)

National Aluminium Company Ltd - Robust Q3 Led by Strong Commodity Prices

NALCO’s consolidated EBITDA grew by 200%/50% YoY/QoQ to Rs 2,328 Cr, a 30% beat vs. our and consensus, led by strong performance at both the...

Axis Direct

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the...

Axis Direct

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

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

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

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