External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Softer demand both domestically and globally continues to impact volume growth</li><li>Key exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; Mahindra</li><li>While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growth</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.

Softer demand both domestically and globally continues to impact volume growthKey exceptions to this are TVS Motor, Eicher Motors, and Mahindra &amp; MahindraWhile TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic footprint, thus adding further legs to its growthContent 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.

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

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.

<ul><li>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’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.

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’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.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) raised around US$1.4bn in its India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.


HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Our top in China are <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> , <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK) and Dongfeng Motor (489 HK)  </a>
</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN) &amp; </a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a><a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener"> </a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)  

Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic...

HDFC Securities

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Autos (Q1FY26 Results Preview): Operating deleverage, RM cost to impact margin

While TVS Motors is riding on the back of its successful models and variants, including the EVs, it has also been expanding its geographic...

HDFC Securities

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

​Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...