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. 

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Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debt</li><li>IOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimate</li><li>The beat was largely driven by the better-than-expected performance from the marketing 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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by muted petchem earnings and elevated debtIOCL reported EBITDA at INR 222bn (+13x YoY, +44% QoQ), while APAT came in at INR 138bn, above our estimateThe beat was largely driven by the better-than-expected performance from the marketing 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: Indian Oil Corporation, SBI Cards and Payment Services

<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>Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)</li><li>Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%</li><li>Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflation</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.

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)Elevated slippages (~5% annualised), mainly from the EEB portfolio, were offset by accelerated write-offs, resulting in 228bps QoQ improvement in GNPA to ~4.9%Deposit growth (+6% QoQ) surprised positively with a sharp jump in CASA ratio to 39% (+300bps QoQ) supporting margin reflationContent 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: Bandhan Bank, Route Mobile

HSIE Results Daily - Bandhan Bank, Route Mobile

<ul><li>Exchanges: MCX revenue is expected to decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation due to lower premium collection)</li><li>Higher payout to tech vendor will impact EBITDA margin (~9.4%, down 1,345bps QoQ)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions and the current transition timeline stands at 30 June 2023</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 decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation due to lower premium collection)Higher payout to tech vendor will impact EBITDA margin (~9.4%, down 1,345bps QoQ)The tech transition remains the key overhang, MCX has been conducting mock trading sessions and the current transition timeline stands at 30 June 2023Content 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 - Soft Landing

India

Route Mobile Limited provides mobile communication solutions. The Company offers text messaging, voice calling, number lookups, firewall, email, and other related services. Route Mobile serves customers worldwide.

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Route Mobile (ROUTE IN)

HSIE Results Daily: Indian Oil Corporation, SBI Cards and Payment Services

ur ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 102, is premised on robust refining and marketing margins, offset by...

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: Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

HSIE Results Daily - Bandhan Bank, Route Mobile

Bandhan Bank: Bandhan Bank’s Q4FY23 earnings were a strong beat, led by improvement in NIMs (+80bps QoQ) and lower credit costs (3% annualised)

HDFC Securities

Exchanges, Staffing and Internet - Soft Landing

MCX revenue is expected to decline by 6.8% QoQ, mainly due to a decline in futures volume and flat options revenue (a drop in effective realisation...

HDFC Securities

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