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.

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<ul><li>Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.</li><li>The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.</li><li>The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. </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.

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. 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.

Equity Bottom-Up

<ul><li>Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.</li><li>This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.</li><li>We increase our target multiple considering higher growth visibility and further improvement in market share and effeciency gains.</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.

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.This will be driven by the robust demand, improvement in prices, upcoming new capacity, ramping up of recently commissioned capacity, benefit of lower commodity prices, higher blending ratio, and increasing share of green energy.We increase our target multiple considering higher growth visibility and further improvement in market share and effeciency gains.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.

UltraTech Cement Limited - Increasing Scale Efficiently; Maintain BUY

<ul><li>The Finance Minister of India will present the full-year Union Budget for FY24-25 on 23rd July’24.</li><li>The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms outside the purview of the Budget.</li><li>As it is the first full-year budget after the formation of the NDA 3.0 government, market participants continue to view it as a critical catalyst stimulating the Indian economy’s growth and thereby the Indian market.</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.

The Finance Minister of India will present the full-year Union Budget for FY24-25 on 23rd July’24.The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms outside the purview of the Budget.As it is the first full-year budget after the formation of the NDA 3.0 government, market participants continue to view it as a critical catalyst stimulating the Indian economy’s growth and thereby the Indian market.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.

Pre Union Budget Expectations 2024-25: Budget Likely to Strengthen the Narrative of “Viksit Bharat”

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</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.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.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.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

<ul><li>Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.</li><li>This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.</li><li>According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% 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.

Cement demand to moderate: After experiencing double-digit volume growth in Q4FY24 driven by strong demand from the infrastructure sector, increased pre-election spending, and seasonally favourable conditions, cement consumption moderated in Q1FY25.This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.According to provisional numbers released by the Office of the Economic Adviser, cement demand grew by 9% in FY24Content 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.

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

Post Budget Analysis and Stock Ideas

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her...

Axis Direct

UltraTech Cement Limited - Increasing Scale Efficiently; Maintain BUY

Overall industry outlook remains positive and we expect the company to grow its Volume/Revenue/EBITDA/APAT at 11%/11%/20%/23% CAGR over FY24-FY26E.

Axis Direct

Pre Union Budget Expectations 2024-25: Budget Likely to Strengthen the Narrative of “Viksit Bharat”

The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms...

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

Cement Q1fy25 Result Preview: Moderation in Demand, Pricing Weak

This moderation was due to factors such as the general election, extreme heat conditions, labour shortages, and unseasonal rain in some regions.

Axis Direct

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