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.

Equity Bottom-Up

<ul><li>NINL Expansion (Core Upstream Growth in Long Products): Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL), with final capex numbers to be disclosed by Mar’26 after full engineering validation.</li><li>Environmental clearance is expected within 3-4 weeks, and execution will take 3 to 4 years post-final approval.</li><li>The configuration is fully long-products oriented: Two rebar mills (~1 MTPA each), one rebar coil mill (~0.5 MTPA), and a high-end wire rod mill. </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.

NINL Expansion (Core Upstream Growth in Long Products): Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL), with final capex numbers to be disclosed by Mar’26 after full engineering validation.Environmental clearance is expected within 3-4 weeks, and execution will take 3 to 4 years post-final approval.The configuration is fully long-products oriented: Two rebar mills (~1 MTPA each), one rebar coil mill (~0.5 MTPA), and a high-end wire rod mill. 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.

Company Update: Tata Steel Ltd - 12 Th December, 2025

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.</li>
<li>Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.</li>
<li>Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.</li>
</ul>


Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.


Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

<ul><li>Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated capacity of 5 mtpa and completion of the relining of the BF-G.</li><li>Adj. EBITDA/t in India stood at Rs 14,863/t, up 13% YoY (down 2% QoQ, 2% miss vs our estimate).</li><li>The miss was led by a 10% QoQ rise in RM costs on higher production and higher purchases of rebars from NINL.</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.

Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated capacity of 5 mtpa and completion of the relining of the BF-G.Adj. EBITDA/t in India stood at Rs 14,863/t, up 13% YoY (down 2% QoQ, 2% miss vs our estimate).The miss was led by a 10% QoQ rise in RM costs on higher production and higher purchases of rebars from NINL.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.

Tata Steel Ltd - Strong Operational Performance in Tough Quarter

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group</li>
<li>Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.</li>
<li>He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group
Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.


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

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Company Update: Tata Steel Ltd - 12 Th December, 2025

Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL)...

Axis Direct

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Tata Steel Ltd - Strong Operational Performance in Tough Quarter

Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated...

Axis Direct

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Company Update: Tata Steel Ltd - 12 Th December, 2025

Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL)...

Axis Direct

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

​Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Tata Steel Ltd - Strong Operational Performance in Tough Quarter

Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated...

Axis Direct

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...