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.

Thematic (Sector/Industry)

<ul><li>Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.</li><li>Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.</li><li>The attrition rate has dropped as we see some easing on the supply side constraints. </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.

Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.The attrition rate has dropped as we see some easing on the supply side constraints. 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.

IT Services: Q3FY24 Review – Hits & Misses

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.

<ul><li>Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)</li><li>Volume grew in the low single digits with price hikes continuing to support revenue growth</li><li>Domestic revenues grew by 9% supported by the strong performance of the core portfolio</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.

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)Volume grew in the low single digits with price hikes continuing to support revenue growthDomestic revenues grew by 9% supported by the strong performance of the core portfolioContent 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: Colgate Palmolive, Persistent Systems, RBL Bank

<ul><li>Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)</li><li>Volume grew in the low single digits with price hikes continuing to support revenue growth</li><li>Domestic revenues grew by 9% supported by the strong performance of the core portfolio</li><li>GM expanded by 630bps YoY to 72% (up 340bps QoQ) and was a big contributor to 30% growth in EBITDA</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.

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)Volume grew in the low single digits with price hikes continuing to support revenue growthDomestic revenues grew by 9% supported by the strong performance of the core portfolioGM expanded by 630bps YoY to 72% (up 340bps QoQ) and was a big contributor to 30% growth in EBITDAContent 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: Colgate Palmolive, Persistent Systems, RBL Bank, Karur Vysya Bank

Equity Bottom-Up

<ul><li>In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our expectations.</li><li>The company’s operating profit stood at Rs 442 Cr, reporting growth of 9.1% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins improved by 90bps to 17.7%, largely led by lower operating costs and lower onsite expenses.</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.

In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our expectations.The company’s operating profit stood at Rs 442 Cr, reporting growth of 9.1% on a QoQ basis.Much in line with our expectations, the company’s operating margins improved by 90bps to 17.7%, largely led by lower operating costs and lower onsite expenses.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. - Robust Execution; Resilient Outlook to Support Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

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)

IT Services: Q3FY24 Review – Hits & Misses

Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term...

Axis Direct

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank, Karur Vysya Bank

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)

HDFC Securities

Persistent Systems Ltd. - Robust Execution; Resilient Outlook to Support Growth

In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our...

Axis Direct

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

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