External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

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>India volumes strong; pricing recovery underway post trough: Despite record sales of 6 MT and Rs 890 Cr in cost savings, Indian operations' EBITDA fell 5% QoQ due to steel prices hitting a 5-year low.</li><li>However, Q3 likely marked the cycle's floor; management expects a recovery in spreads in Q4 with NSRs rising Rs 2,300/t, partly offset by a $15/t bump in coking coal consumption costs.</li><li>With a strong downstream mix and volume growth from Ludhiana and a full furnace schedule (no relining) in FY27, the outlook remains resilient. </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>

India volumes strong; pricing recovery underway post trough: Despite record sales of 6 MT and Rs 890 Cr in cost savings, Indian operations' EBITDA fell 5% QoQ due to steel prices hitting a 5-year low.However, Q3 likely marked the cycle's floor; management expects a recovery in spreads in Q4 with NSRs rising Rs 2,300/t, partly offset by a $15/t bump in coking coal consumption costs.With a strong downstream mix and volume growth from Ludhiana and a full furnace schedule (no relining) in FY27, the outlook remains resilient. 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 Ltd - Q3: Largely Inline; Europe Policy Reset Structurally Supportive