External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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.

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>ICICI Securities research report onAmbuja Cements Under Adani Group, Ambuja Cement (ACEM; consol) has narrowed the margin gap considerably versus peers, mainly led by cost control.</li><li>And we believe, it has ‘just scratched the surface’ given its ongoing plan of significant green power addition and a resolve to boost efficiency in other areas by leveraging group synergies.</li><li>While plans to add ~32mtpa capacity is in the works, the upcoming fund infusion of INR 150bn (promoter warrant conversion due in Apr’24) has potential to expedite (by organic and/or inorganic route) ACEM reaching the 140mtpa capacity target well ahead of its initial guidance of FY28 (76mtpa currently).</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>

ICICI Securities research report onAmbuja Cements Under Adani Group, Ambuja Cement (ACEM; consol) has narrowed the margin gap considerably versus peers, mainly led by cost control.And we believe, it has ‘just scratched the surface’ given its ongoing plan of significant green power addition and a resolve to boost efficiency in other areas by leveraging group synergies.While plans to add ~32mtpa capacity is in the works, the upcoming fund infusion of INR 150bn (promoter warrant conversion due in Apr’24) has potential to expedite (by organic and/or inorganic route) ACEM reaching the 140mtpa capacity target well ahead of its initial guidance of FY28 (76mtpa currently).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.

Ambuja Cements

Ambuja Cements - In the Catbird Seat