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>Tata Steel has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.</li><li>The upstream (3.5 MT Blast furnace and coke oven facilities) in the UK are coming near their end of life.</li><li>Tata Steel will transition to a 3.0 MT Electric arc furnace (EAF) replacing the old 3.5 MT blast furnace (BF) wherein the UK government has agreed to grant £500 Mn for the transition while Tata Steel will infuse the remaining £750 Mn (from internal equity) of the total Capex of £1.25 Bn required for the EAF steelmaking. </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.

Tata Steel has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.The upstream (3.5 MT Blast furnace and coke oven facilities) in the UK are coming near their end of life.Tata Steel will transition to a 3.0 MT Electric arc furnace (EAF) replacing the old 3.5 MT blast furnace (BF) wherein the UK government has agreed to grant £500 Mn for the transition while Tata Steel will infuse the remaining £750 Mn (from internal equity) of the total Capex of £1.25 Bn required for the EAF steelmaking. 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>Tata Steel reported a weak set of numbers as was largely expected.</li><li>Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales volumes partially offset by higher realisations across geographies.</li><li>Consolidated EBITDA at Rs 5,174 Cr declined by 65%/28% YoY/QoQ (10% beat) on lower topline and higher costs. </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.

Tata Steel reported a weak set of numbers as was largely expected.Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales volumes partially offset by higher realisations across geographies.Consolidated EBITDA at Rs 5,174 Cr declined by 65%/28% YoY/QoQ (10% beat) on lower topline and higher costs. 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 - Weak European Operations Pose Near-Term Pain

<ul><li>Tata Steel reported a good set of numbers, beating consensus estimates on all fronts.</li><li>Revenue (down 9% YoY) grew by 10% QoQ, a 4% beat against consensus estimates and was led by higher steel deliveries (up 9% QoQ) as well as improved realisation in India.</li><li>EBITDA (27% beat vs. consensus) grew by 74% QoQ (down 52% YoY) led by lower RM costs (coking coal), partially offset by higher other expenses.</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.

Tata Steel reported a good set of numbers, beating consensus estimates on all fronts.Revenue (down 9% YoY) grew by 10% QoQ, a 4% beat against consensus estimates and was led by higher steel deliveries (up 9% QoQ) as well as improved realisation in India.EBITDA (27% beat vs. consensus) grew by 74% QoQ (down 52% YoY) led by lower RM costs (coking coal), partially offset by higher other expenses.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 - Robust Q4, Mix of Headwinds and Tailwinds Ahead; Maintain HOLD

<ul><li>European operations to remain under pressure for upcoming three quarters: Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.</li><li>Indian operations to remain robust and we expect margin expansion in India business in Q4FY23.</li><li>However, NINL remained a drag in Q3FY23, though relief is expected as production ramps up to 1MT in FY24.</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.

European operations to remain under pressure for upcoming three quarters: Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.Indian operations to remain robust and we expect margin expansion in India business in Q4FY23.However, NINL remained a drag in Q3FY23, though relief is expected as production ramps up to 1MT in FY24.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 - Weak Q3; Downgrade to HOLD on European Woes

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>Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).</li><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>TSL has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.</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.

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldTSL has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.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 - Debt Increases Sharply QoQ Due to NINL Payout….

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Tata Steel - UK Restructuring

Tata Steel has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.

Axis Direct

Tata Steel - Weak European Operations Pose Near-Term Pain

Tata Steel reported a weak set of numbers as was largely expected. Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales...

Axis Direct

Tata Steel - Robust Q4, Mix of Headwinds and Tailwinds Ahead; Maintain HOLD

Tata Steel reported a good set of numbers, beating consensus estimates on all fronts. Revenue (down 9% YoY) grew by 10% QoQ

Axis Direct

Tata Steel - Weak Q3; Downgrade to HOLD on European Woes

Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.

Axis Direct

Tata Steel - Debt Increases Sharply QoQ Due to NINL Payout….

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).

ICICI Securities Limited

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