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>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.</li><li>Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. 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.

Top Sector Ideas - Metals and Mining Q3FY24

<ul><li>We expect steel companies under our coverage to report slight margin contraction QoQ.</li><li>We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.</li><li>We expect a much better quarter for base metal stocks under our coverage. </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.

We expect steel companies under our coverage to report slight margin contraction QoQ.We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.We expect a much better quarter for base metal stocks under our coverage. 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.

<ul><li>Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.</li><li>EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). </li><li>Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. </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 Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. 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.

Top Sector Ideas - Metals and Mining (Q2FY24)

<ul><li>Nalco’s Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24 and lower-than-expected Alumina sales.</li><li>Hindalco’s Revenue/EBITDA/PAT dropped by -9%/-27%/-40% YoY and de-grew/grew by -5%/-2%/+2% QoQ led by a drop in the average LME Aluminium prices.</li><li>LME Aluminium prices declined by 22%/5% YoY/QoQ in Q1FY24, which were partially offset by higher-than-expected metal shipments (Copper and Aluminium shipments beat our estimates) which led to beat on our estimates.</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 Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24 and lower-than-expected Alumina sales.Hindalco’s Revenue/EBITDA/PAT dropped by -9%/-27%/-40% YoY and de-grew/grew by -5%/-2%/+2% QoQ led by a drop in the average LME Aluminium prices.LME Aluminium prices declined by 22%/5% YoY/QoQ in Q1FY24, which were partially offset by higher-than-expected metal shipments (Copper and Aluminium shipments beat our estimates) which led to beat on our estimates.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.

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>Global equities are under some pressure after Fitch downgraded the United States' credit rating to AA+ from AAA.</li>
<li>We expect that this is a normal 3%-6% pullback to the 50-day MA or major $93 support level on the MSCI ACWI <a href="https://www.smartkarma.com/entities/ishares-msci-acwi-etf" target="_blank" data-smartkarma-citation="entities:24402:1" rel="noopener">iShares MSCI ACWI ETF (ACWI US)</a> .</li>
<li>$TNX is below 4.1%-4.3% and DXY remains in an 8-month downtrend; as long as this remains true, we'd buy on a pullback to the 50-day MA and/or $93 on ACWI-US</li>
</ul>


Global equities are under some pressure after Fitch downgraded the United States' credit rating to AA+ from AAA.
We expect that this is a normal 3%-6% pullback to the 50-day MA or major $93 support level on the MSCI ACWI iShares MSCI ACWI ETF (ACWI US) .
$TNX is below 4.1%-4.3% and DXY remains in an 8-month downtrend; as long as this remains true, we'd buy on a pullback to the 50-day MA and/or $93 on ACWI-US


Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys

India

Steel Authority of India Limited (SAIL) is a Maharatna public sector undertaking and one of India's largest steel-making companies. It produces a wide range of steel products, including flat and long steel products, wire rods, plates, and railway products, catering to sectors like infrastructure, railways, automotive, and defense. The company is headquartered in New Delhi, India, and was incorporated on January 24, 1973.

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

Steel Authority of India (SAIL IN)

Top Sector Ideas - Metals and Mining Q3FY24

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Metals and Mining Q3FY24 Results Preview

We expect a much better quarter for base metal stocks under our coverage. Both Hindalco and NALCO are expected to report margin expansion QoQ on...

Axis Direct

Top Sector Ideas - Metals and Mining (Q2FY24)

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices. EBITDA (up 19% YoY, down 33% QoQ) was...

Axis Direct

Metals & Mining: Q1FY24 Review

Nalco’s Revenue/EBITDA/PAT missed our estimates and dropped by 16%/32%/40% YoY and by 13%/22%/33% QoQ led by a drop in the average LME Aluminium...

Axis Direct

Normal Pullback, or Something More?; Watching Resistance on DXY and 10-Yr Treasury Yield; Value Buys

Normal Pullback, or Something More for global equities?; Watch Resistance on $DXY and 10-Yr Treasury Yield; Value Buys in Consumer Discretionary...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)