External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<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

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>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other income</li><li>Over the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segment</li><li>The recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other incomeOver the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segmentThe recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”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.

HSIE Results Daily: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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: The road to recovery

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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 Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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 Petroleum Corporation, Gail (India), Vinati Organics

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 - 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

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

HSIE Results Daily: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher...

HDFC Securities

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

HDFC Securities

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

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