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

Multi Commodity Exchange India / Equity Bottom-Up

<ul><li>MCX options volume is scaling new highs and the futures volume is catching up</li><li>Post the tech transition in Oct-2023, the options volume is up 60% and the futures volume is at a multi-quarter high</li><li>We believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is ~80% of options volume, is monthly expiry and gold has bimonthly expiry, (3) the number of retail options traders on MCX platform is ~17/23% of NSE/BSE, and (4) growth in options premium ADTV (~106% YoY in FY24) is led by the rise in the options traders (+81% YoY) while the exposure per option traders per day is only INR 23K up 14% 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.

MCX options volume is scaling new highs and the futures volume is catching upPost the tech transition in Oct-2023, the options volume is up 60% and the futures volume is at a multi-quarter highWe believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is ~80% of options volume, is monthly expiry and gold has bimonthly expiry, (3) the number of retail options traders on MCX platform is ~17/23% of NSE/BSE, and (4) growth in options premium ADTV (~106% YoY in FY24) is led by the rise in the options traders (+81% YoY) while the exposure per option traders per day is only INR 23K up 14% 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.

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

ICICI Securities Limited

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.

<ul><li>ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.</li><li>Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.</li><li>This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.</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.

ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.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.

MCX India - Current Volume Tailwinds Notwithstanding

<ul><li>MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs</li><li>We believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitability</li><li>The options volume has increased by 4x YoY and is currently &gt;INR 1,400bn</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.

MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highsWe believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitabilityThe options volume has increased by 4x YoY and is currently &gt;INR 1,400bnContent 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>The Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has been the key overhang</li><li>The commodity exchange, in a press release, has indicated that the technology shift is underway and might happen three months ahead of the deadline</li><li>In the last seven days, MCX has conducted mock trading sessions for 14 hours without any glitches</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 Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has been the key overhangThe commodity exchange, in a press release, has indicated that the technology shift is underway and might happen three months ahead of the deadlineIn the last seven days, MCX has conducted mock trading sessions for 14 hours without any glitchesContent 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.

MCX - Tech Transition Underway, Options Surge. Maintain BUY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover</li>
<li>The impact of this would 10-20% on earnings in short term</li>
<li>The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading</li>
</ul>


SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover
The impact of this would 10-20% on earnings in short term
The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading


India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

MCX: On a Strong Footing. Maintain Buy

We believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is...

HDFC Securities

MCX India - Current Volume Tailwinds Notwithstanding

ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected

ICICI Securities Limited

MCX: A New Beginning. BUY

MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs

HDFC Securities

MCX - Tech Transition Underway, Options Surge. Maintain BUY

The Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has...

HDFC Securities

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

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