External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Eastern region poised to grow: Eastern states are comparatively under-developed and in the last few years, new cement companies have entered these markets and existing players have added capacities to capitalize on the potential boom in the region in the medium to long term.</li><li>SRCM has commissioned a third clinker line at Chhattisgarh (4mn mt), which will supply clinker to the recently commissioned grinding units in the Eastern markets.</li><li>The recent clinker capacity additions by SRCM and UTCEM are likely to result in higher supply in the near term. </li></ul></div></div></div></div><p><em>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.</em></p>

Eastern region poised to grow: Eastern states are comparatively under-developed and in the last few years, new cement companies have entered these markets and existing players have added capacities to capitalize on the potential boom in the region in the medium to long term.SRCM has commissioned a third clinker line at Chhattisgarh (4mn mt), which will supply clinker to the recently commissioned grinding units in the Eastern markets.The recent clinker capacity additions by SRCM and UTCEM are likely to result in higher supply in the near term. 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.

Shree Cements Ltd. - Sluggish Demand in April’22; Cost Inflation Remains an Overhang

<div><div><div><div><ul><li>4QFY22 performance: SRCM reported revenue of Rs41bn, up 3.6% YoY and 7% below our estimate.</li></ul><div><div><div><div><ul><li>Capex plans: The company has commissioned 3rd clinker line at Chhattisgarh recently, which has total capacity of 4mn mt.</li></ul><div><div><div><div><ul><li>This plant will supply clinker for the recently commissioned grinding units in East. SRCM had earlier announced a capex plan, which includes: (1) Setting up of an integrated cement plant in Nawalgarh tehsil of Rajasthan with clinker capacity of 3.8mn mt and cement grinding capacity of 3.5mn mt (2) Setting up of grinding unit in the Purulia district in West Bengal with 3mn mt capacity and (3) Setting up of 106MW solar power plant at various locations. </li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 performance: SRCM reported revenue of Rs41bn, up 3.6% YoY and 7% below our estimate.Capex plans: The company has commissioned 3rd clinker line at Chhattisgarh recently, which has total capacity of 4mn mt.This plant will supply clinker for the recently commissioned grinding units in East. SRCM had earlier announced a capex plan, which includes: (1) Setting up of an integrated cement plant in Nawalgarh tehsil of Rajasthan with clinker capacity of 3.8mn mt and cement grinding capacity of 3.5mn mt (2) Setting up of grinding unit in the Purulia district in West Bengal with 3mn mt capacity and (3) Setting up of 106MW solar power plant at various locations. 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.

Shree Cements Ltd - Lower Pricing Impacts EBITDA; Costs Remain in Control

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<div><div><div><div><ul><li>Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.</li></ul><div><div><div><div><ul><li>Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.</li></ul><div><div><div><div><ul><li>SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPL</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Raipur Clinkerization unit commercialized: The company on 28th March 2022 commercialized its 4 mntpa Clinkerizations unit at Baloda Bazar, near Raipur, CG.Setting up of Integrated Cement Plant at Gothra, Nawalgarh (Rajasthan) having clinker capacity of 3.8 mntpa and cement capacity of 3.5 mntpa.SettingupaClinkerGrindingUnitof3mntpaVillageDigha&amp;Parbatpurin,Purulia(West Bengal) through the company’s wholly-owned subsidiary SCEPLContent 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.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.</li><li>In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and Odisha</li><li>Target Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/EBITDA</li></ul><div class="content-highlight"><em>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.</em></div>

Shree Cement is the third largest cement group in India with domestic cement capacity of 43.4 MT as of FY21.In the past four years, it has diversified itself from a 100% north player to one with capacities now in Rajasthan, Uttarakhand, Bihar, Chhattisgarh, Haryana, Uttar Pradesh, Karnataka and OdishaTarget Price &amp; Valuation: We value Shree at Rs 28,700 i.e. 21.5x FY23E EV/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.

Shree Cement: Stable Outlook; Trading at Premium Valuations

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.

<p>Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.</p><div><em>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.</em></div>

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR 37.7bn, largely led by higher merchant sales, lower T&amp;D losses, and gain from sale of LNG. This led to EBITDA rising 7.3% YoY to INR9.3bn. Deleveraging and a fall in interest rates have led to lower interest expenses. PAT increased by 14.8% YoY to INR3.7bn, surpassing ours and consensus estimates. While PLF across its gas-based stations has declined due to rise in LNG prices, TPW has managed to maintain its PAF, ensuring recovery of fixed charges.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: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

India

Shree Cement is an Indian cement manufacturer and one of the largest producers in the country. The company manufactures and sells various cement products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and ready-mix concrete. It also operates in power generation. Shree Cement was founded in 1979 and is headquartered in Kolkata, India.

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

Shree Cement (SRCM IN)

Shree Cements Ltd. - Sluggish Demand in April’22; Cost Inflation Remains an Overhang

We hosted the management of Shree Cements (SRCM) at our Annual Conference to understand the company’s future prospects and industry dynamics in the...

Nirmal Bang

Shree Cements Ltd - Lower Pricing Impacts EBITDA; Costs Remain in Control

Shree Cements Ltd (SRCM) reported relatively weak numbers for 4QFY22 with reported EBITDA coming in at Rs9.1bn, down 23% YoY and 14% below our...

Nirmal Bang

Result Update - Shree Cement

Margin Decline Continues; Maintain HOLD; Volume/EBITDA/APAT during the quarter was lower by 3%/23%/16% owing to elevated costs and lower-than...

Axis Direct

Shree Cement: Stable Outlook; Trading at Premium Valuations

Other new capex includes 1) setting up of new integrated unit with 3.5 MT GU and 3.8 MT clinker unit in Rajasthan by Q4FY24E, 2) 3 MT grinding unit...

ICICI Securities Limited

HSIE Results Daily: Shree Cement, Siemens, Alkem Labs, Godrej Properties, Lupin, Torrent Power,...

Torrent Power: Torrent Power (TPW) reported strong Q3FY22 result, surpassing consensus estimate. Consolidated revenue increased 27.6% YoY to INR...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)