India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>What will be implication in case of weaker Modi &amp; BJP mandate?</li>
<li>Public Sector and State-Owned Bank Shares Plunge whole day after poor BJP tally during counting.</li>
<li>Improvement in <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a>'s credit profile by FY25 and Higher RoCE for <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> and <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> </li>
</ul>


What will be implication in case of weaker Modi &amp; BJP mandate?
Public Sector and State-Owned Bank Shares Plunge whole day after poor BJP tally during counting.
Improvement in Tata Steel Ltd (TATA IN)'s credit profile by FY25 and Higher RoCE for Bharti Airtel (BHARTI IN) and Reliance Industries (RIL IN) 


#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

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.

<ul><li>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.</li><li>NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates), led by strong upstream Aluminium and copper division.NALCO reported a strong set of numbers with EBITDA beating ours and consensus estimates. 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.

Top Sector Ideas - Metals and Mining Q4FY24

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.</li>
<li>Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.</li>
<li>ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.</li>
</ul>


A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.
Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.
ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.


Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

<ul><li>We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).</li><li>We expect another good quarter for base metal stocks under our coverage.</li><li>Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power 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.

We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).We expect another good quarter for base metal stocks under our coverage.Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power 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.

<ul><li>Hindalco’s Indian operations delivered robust performance.</li><li>Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.</li><li>Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. </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.

Hindalco’s Indian operations delivered robust performance.Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream Aluminium and copper division.Nalco reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. 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.

Top Sector Ideas - Metals and Mining Q3FY24

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)

#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

Top Sector Ideas - Metals and Mining Q3FY24

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

#7 India Insights: Weaker Modi Mandate, Plunging PSUs, Tata Steel Credit Profile, Reliance, Airtel

​Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...

Sudarshan Bhandari

Top Sector Ideas - Metals and Mining Q4FY24

Overall consolidated revenue stood largely inline (flat YoY, up 6% QoQ), while reported EBITDA grew by 24%/14% YoY/QoQ (10% beat vs. our estimates)

Axis Direct

Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

Pullback Underway; Further Downside Limited?; Commodities Testing Resistance; Buys in Global Defensives (Staples, Utilities, Telecomm), Commodity...

Vermilion Research

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

Top Sector Ideas - Metals and Mining Q3FY24

Overall consolidated revenue stood in line (down 1%/3% YoY/QoQ), while reported EBITDA grew by 61%/4% YoY/QoQ (15% beat), led by strong upstream...

Axis Direct

Weaker Modi & BJP mandate leads to plunge in PSUs and state-owned bank shares, while Tata Steel, Bharti Airtel, and Reliance Industries see credit...