External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitability</li><li>The new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option traders</li><li>The SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%</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.

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitabilityThe new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option tradersThe SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%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.

BSE (Update): The All-New BSE. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)</li><li>The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24E</li><li>MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal level</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.

Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24EMCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal levelContent 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.

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

<ul><li>BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSE</li><li>The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volume</li><li>With a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressive</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.

BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSEThe SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volumeWith a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressiveContent 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.

BSE: Derivatives Scaling New Highs. Maintain BUY

<ul><li>BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023</li><li>Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)</li><li>BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)</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.

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)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.

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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.

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

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Bombay Stock Exchange (BSE IN)

BSE (Update): The All-New BSE. Maintain BUY

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal...

HDFC Securities

BSE: Derivatives Scaling New Highs. Maintain BUY

The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract

HDFC Securities

BSE: - Derivatives Boost. Upgrade to BUY

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index...

HDFC Securities

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

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