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>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

Thematic (Sector/Industry)

<ul><li>We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).</li><li>Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.</li><li>SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations YoY.</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 expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations YoY.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.

Metals and Mining  - Q3FY23 Earnings Preview

<ul><li>Steel export duties on both long and flat steel (Non-alloy, Alloyed and Stainless) have been revoked to NIL from 15%.</li><li>Export duty on Iron ore exports and the concentrate is reduced from 50% (for all grades) to NIL for Fe grades &lt; 58%, and to 30% for Fe&gt;58%.</li><li>Pellets export duty of 45% (imposed in May’22) is now cut down to NIL.</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.

Steel export duties on both long and flat steel (Non-alloy, Alloyed and Stainless) have been revoked to NIL from 15%.Export duty on Iron ore exports and the concentrate is reduced from 50% (for all grades) to NIL for Fe grades &lt; 58%, and to 30% for Fe&gt;58%.Pellets export duty of 45% (imposed in May’22) is now cut down to NIL.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.

Steel Export Duty Roll Back - Government Rolls Back Export Duties On Steel, Iron Ore, & Pellets

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….

<ul><li>Tata Steel reported a weak set of numbers for Q2FY23. Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.</li><li>Consolidated revenue declined by 1%/6% YoY/QoQ.</li><li>A higher sequential drop in revenue was due to a sharp fall in realisations led by a drop in steel prices across geographies.</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 for Q2FY23. Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.Consolidated revenue declined by 1%/6% YoY/QoQ.A higher sequential drop in revenue was due to a sharp fall in realisations led by a drop in steel prices across geographies.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 Q2, No Sharp Recovery Visible in the Near-Term

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)

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

Metals and Mining - Q3FY23 Earnings Preview

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%...

Axis Direct

Steel Export Duty Roll Back - Government Rolls Back Export Duties On Steel, Iron Ore, & Pellets

Export duty on Iron ore exports and the concentrate is reduced from 50% (for all grades) to NIL for Fe grades < 58%, and to 30% for Fe>58%.

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

Tata Steel - Weak Q2, No Sharp Recovery Visible in the Near-Term

Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.

Axis Direct

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