External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

<ul><li>We attended Voltas' analyst group meeting</li><li>Management indicated that demand continued to stay subdued in Q3</li><li>The industry decline, however, was less pronounced compared to Q2</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 attended Voltas' analyst group meetingManagement indicated that demand continued to stay subdued in Q3The industry decline, however, was less pronounced compared to Q2Content 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.

Voltas: Muted Demand Continues Amid Rising Cost Pressures. Maintain ADD

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul><li>We attended TCS’s Analyst Day, which underscored the company’s aspiration to become the world’s largest AI-led technology services company</li><li>The transformation is anchored in a five-pillar strategy focused on embedding AI across internal operations, redefining service offerings through a "Human + AI" model, future-proofing talent, delivering tangible client value, and building a robust AI ecosystem via partnerships and targeted M&amp;A</li><li>This ambition is driven by its Infrastructure-to-Intelligence approach</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 attended TCS’s Analyst Day, which underscored the company’s aspiration to become the world’s largest AI-led technology services companyThe transformation is anchored in a five-pillar strategy focused on embedding AI across internal operations, redefining service offerings through a "Human + AI" model, future-proofing talent, delivering tangible client value, and building a robust AI ecosystem via partnerships and targeted M&amp;AThis ambition is driven by its Infrastructure-to-Intelligence approachContent 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 Consultancy Services: AI-Led Growth Strategy. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The lower house of the Indian Parliament passed the much awaited “Sabka Bima Sabki Raksha (amendment of Insurance laws) Bill, 2025” yesterday proposing significant changes as well as streamlining of a few provisions</li><li>The key amendments include 1) 100% foreign direct investment (FDI) in insurance, 2) significant reduction in initial capital requirement for re-insurers, 3) merger between insurance and non-insurance entities, 4) increase in approval thresholds for stake sale in insurers, 5) empowering the insurance regulator to regulate distribution commission payouts, 6) operational flexibility for LICI, and 7) creation of reserve fund by LICI</li><li>In our view, the newly inserted section 40 (2A) indicates no material changes to the existing payout structure for insurance intermediaries.</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 lower house of the Indian Parliament passed the much awaited “Sabka Bima Sabki Raksha (amendment of Insurance laws) Bill, 2025” yesterday proposing significant changes as well as streamlining of a few provisionsThe key amendments include 1) 100% foreign direct investment (FDI) in insurance, 2) significant reduction in initial capital requirement for re-insurers, 3) merger between insurance and non-insurance entities, 4) increase in approval thresholds for stake sale in insurers, 5) empowering the insurance regulator to regulate distribution commission payouts, 6) operational flexibility for LICI, and 7) creation of reserve fund by LICIIn our view, the newly inserted section 40 (2A) indicates no material changes to the existing payout structure for insurance intermediaries.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.

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

<ul><li>IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growth</li><li>However, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effect</li><li>Although the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens 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.

IndiaMART has been facing elevated churn in its silver-tier customer segment, which has weighed on both net additions and collections growthHowever, we believe the impact is now moderating as the various initiatives undertaken by the company begin to take effectAlthough the improvement is not yet fully visible in the reported metrics, we expect the worst to be behind and anticipate that even a marginal reduction in churn could drive a recovery in net additions to around 20K (vs~10K in 1H FY25 annualised) and collections growth to high teens YoYContent 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.

Indiamart Intermesh: Improving Growth Visibility, Limited Downside. Maintain BUY

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

<ul><li>We attended Siemens India’s (SIL) analyst day, where management highlighted a possible pick-up in the private sector capex as private consumption increases on the back of recent income tax and GST rate cuts</li><li>The impact of tariff on exports continues to be an overhang and conclusion of the trade deal with the US will improve sentiment for incurring capex</li><li>Further, the government capex continues to drive growth as visible in new order inflow (OI) for Smart Infrastructure (SI) and Mobility (MO) witnessing growth of 21% and 34% (5-year CAGR, FY21-25) and revenue growth of 20% and 38% (5-year CAGR, FY21-25)</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 attended Siemens India’s (SIL) analyst day, where management highlighted a possible pick-up in the private sector capex as private consumption increases on the back of recent income tax and GST rate cutsThe impact of tariff on exports continues to be an overhang and conclusion of the trade deal with the US will improve sentiment for incurring capexFurther, the government capex continues to drive growth as visible in new order inflow (OI) for Smart Infrastructure (SI) and Mobility (MO) witnessing growth of 21% and 34% (5-year CAGR, FY21-25) and revenue growth of 20% and 38% (5-year CAGR, FY21-25)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.

Siemens: Bottoming Out, Capex Recovery. Maintain BUY

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.