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>Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).</li></ul><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>

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and Hero (+21%).Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.On a YTD basis, 3W domestic wholesales rose to 1.55 Lc units, led by M&amp;M (+76%).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.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.</li>
<li>We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.</li>
<li>23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).</li>
</ul>


Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.
We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.
23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).


Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India registered 4,441 e-buses in CY2025. The December 2025 PM E-Drive mega-tender for 10,900 buses triggered the sector's sharpest competitive reshuffling yet. </li>
<li>PMI Electro and Eka Mobility cornered 80% of the order; Tata Motors (CV), JBM Auto, and VE Commercial Vehicles received zero allocations.</li>
<li>GCC Model forces manufacturers to act simultaneously as financiers, operators, and maintainers over 12-year contracts. </li>
</ul>


India registered 4,441 e-buses in CY2025. The December 2025 PM E-Drive mega-tender for 10,900 buses triggered the sector's sharpest competitive reshuffling yet. 
PMI Electro and Eka Mobility cornered 80% of the order; Tata Motors (CV), JBM Auto, and VE Commercial Vehicles received zero allocations.
GCC Model forces manufacturers to act simultaneously as financiers, operators, and maintainers over 12-year contracts. 


Indian E-Bus Market: Players, Competition, Orders & Business Model

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> raised about US$2.4bn in its India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.


Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

India

Tata Motors is an Indian multinational automotive manufacturing company that produces a wide range of commercial vehicles, including trucks, vans, and buses. The company also has a significant presence in passenger vehicles and electric vehicles. Tata Motors is headquartered in Mumbai, India, and was founded on September 1, 1945.

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Tata Motors (TMCV IN)

Auto Monthly Sales Volume - July 2026

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and...

Axis Direct

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

Indian E-Bus Market: Players, Competition, Orders & Business Model

India's e-bus sector sees major shakeup with PM E-Drive mega-tender, leading to competitive reshuffling and new business models for manufacturers.

Nimish Maheshwari

Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auto Monthly Sales Volume - July 2026

Over Apr’26-Jun’26, cumulative 2W domestic sales grew by 22% YoY to 33.6 Lc units, supported by strong performances from Eicher Motors (+32%) and...

Axis Direct

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

Indian E-Bus Market: Players, Competition, Orders & Business Model

​India's e-bus sector sees major shakeup with PM E-Drive mega-tender, leading to competitive reshuffling and new business models for manufacturers.

Nimish Maheshwari

Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

India's e-bus sector sees major shakeup with PM E-Drive mega-tender, leading to competitive reshuffling and new business models for manufacturers.