External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.</p><div class="content-highlight"><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></div>

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.</p><div class="content-highlight"><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></div>

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.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.

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

India

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. ICICI Securities serves customers in India.

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ICICI Securities Ltd (ISEC IN)

Initiating Coverage:ICICI Securities

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.

Axis Direct

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs...

HDFC Securities

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