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>Growth Outlook: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.</li><li>The management remains optimistic about the continuation of the company's growth momentum and niche business verticals.</li><li>Deal Wins/Pipeline: The Total Contract Value (TCV) stood at $609 Mn and $448 Mn in Annual Contract Value (ACV) as of Sep’25. </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.

Growth Outlook: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.The management remains optimistic about the continuation of the company's growth momentum and niche business verticals.Deal Wins/Pipeline: The Total Contract Value (TCV) stood at $609 Mn and $448 Mn in Annual Contract Value (ACV) as of Sep’25. 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.

Persistent Systems Ltd. - Mix-Bag Performance; Superior Execution

<ul><li>Growth Outlook: Despite the ongoing macro challenges leading to weak discretionary spending and delayed decision-making, the management remains optimistic on the continuation of the company's growth momentum.</li><li>Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.</li><li>The company is confident in its pipeline of larger deals with a healthy executable order book.</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.

Growth Outlook: Despite the ongoing macro challenges leading to weak discretionary spending and delayed decision-making, the management remains optimistic on the continuation of the company's growth momentum.Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.The company is confident in its pipeline of larger deals with a healthy executable order book.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.

Persistent Systems Ltd. - In-Line Performance; Superior Execution

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

Aditya Birla Capital Ltd / Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>The revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps.</li><li>The growth momentum within healthcare receded further as anticipated, however, the Hi-Tech vertical saw a healthy recovery in 3Q after delivering weak performance over the last four consecutive quarters.</li><li>The growing participation in platform-oriented architecture through hyperscalers and improving business visibility for ISVs should keep the growth momentum strong for Hi-Tech business.</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.

The revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps.The growth momentum within healthcare receded further as anticipated, however, the Hi-Tech vertical saw a healthy recovery in 3Q after delivering weak performance over the last four consecutive quarters.The growing participation in platform-oriented architecture through hyperscalers and improving business visibility for ISVs should keep the growth momentum strong for Hi-Tech business.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.

Persistent Systems - Strong Quarter, on Path of Revenue Goal of USD 2 Bn…

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Q3FY25 operating performance was a tad better than our estimate.</li><li>Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate.</li><li>Unlike in previous few quarters, growth was broad-based across verticals/geographies.</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.

Q3FY25 operating performance was a tad better than our estimate.Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead of our estimate.Unlike in previous few quarters, growth was broad-based across verticals/geographies.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.

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Persistent Systems Ltd. - Mix-Bag Performance; Superior Execution

The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.

Axis Direct

Persistent Systems Ltd. - In-Line Performance; Superior Execution

Deal wins/pipeline: The Total Contract Value (TCV) stood at $521 Mn $385 Mn in Annual Contract Value (ACV) as on Jun’25.

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Persistent Systems - Strong Quarter, on Path of Revenue Goal of USD 2 Bn…

The revenue growth performance was broad-based across three buckets, furloughs impact on revenues was ~100bps. The growth momentum within...

Prabhudas Lilladhar

Persistent Systems - Broad-Based Growth

Q3FY25 operating performance was a tad better than our estimate. Revenue growth of 4.6% QoQ CC was in-line, while EBITM of 14.9% was slightly ahead...

Emkay

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