External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launches</li><li>Management indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffs</li><li>Additionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffs</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>

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use of ICE platforms amidst the delay in EV launchesManagement indicated that it had pushed wholesales to the US in Q4 on anticipation of higher tariffsAdditionally, as per media articles, the company had paused JLR shipments to the US for almost a month in Q1FY26, on the back of higher tariffsContent 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.

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.</li>
<li>Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.</li>
<li>Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. </li>
</ul>


U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.
Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.
Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. 


Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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: Melco Resorts, Tata Steel, Tata Motors</li>
<li>US President Donald Trump wrote in a Truth Social post on Sunday hat the US had “a very good meeting with China in Switzerland”, with “great progress made”. Meanwhile, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress", adding that further details would be announced today.</li>
<li>Chinese Vice-Premier He Lifeng highlighted that the talks were "candid, in-depth and constructive" on issues of concern to both countries, adding that the meeting “achieved substantial progress” and “reached important consensus”.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Steel, Tata Motors
US President Donald Trump wrote in a Truth Social post on Sunday hat the US had “a very good meeting with China in Switzerland”, with “great progress made”. Meanwhile, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer described "substantial progress", adding that further details would be announced today.
Chinese Vice-Premier He Lifeng highlighted that the talks were "candid, in-depth and constructive" on issues of concern to both countries, adding that the meeting “achieved substantial progress” and “reached important consensus”.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

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)

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use...

HDFC Securities

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

The breakthrough in US-China trade talks removes a major overhang on global trade and is a near-term positive for metals, as it reduces tariff...

Rahul Jain

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: Tata Motors, Tata Steel, SRF, Relaxo Footwears, Happiest Minds Technologies

Tata Motors: JLR’s Q4FY25 EBIT margin, at 10.7%, improved 158bps QoQ, led by operating leverage and continuing lower depreciation on extended use...

HDFC Securities

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

The breakthrough in US-China trade talks removes a major overhang on global trade and is a near-term positive for metals, as it reduces tariff...

Rahul Jain

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah