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>Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs</li><li>Also, the decline in gross margin QoQ despite the best-ever mix has been a negative surprise</li><li>In India, while CV business performance has been impressive, PV business margin has been in line and Tata Motors Finance has again disappointed</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.

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costsAlso, the decline in gross margin QoQ despite the best-ever mix has been a negative surpriseIn India, while CV business performance has been impressive, PV business margin has been in line and Tata Motors Finance has again disappointedContent 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: Tata Motors, Bajaj Auto, Tata Elxsi

<ul><li>Exchanges: MCX revenue is expected to increase by 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)</li><li>We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendor</li><li>The extension of the support timeline by the existing technology vendor will impact profitability in the short term</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 7.4% QoQ and the margin will expand to 52.3% (+82bps QoQ)We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and expected cost savings due to a change in tech vendorThe extension of the support timeline by the existing technology vendor will impact profitability in the short termContent 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 - Mixed Bag

<ul><li>Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQ</li><li>The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)</li><li>The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23</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 options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23Content 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 (Q2FY23E Results Preview): Recovery on the cards

Exchanges, Staffing and Internet - Recovery on the Cards

<ul><li>We hosted our 6th IT Sector Investor Conference, with 22 corporates/experts participating in the event (virtual)</li><li>The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services, captive, and staffing</li><li>The key message on demand was positive, notwithstanding the prevalent macro situation.</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.

We hosted our 6th IT Sector Investor Conference, with 22 corporates/experts participating in the event (virtual)The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services, captive, and staffingThe key message on demand was positive, notwithstanding the prevalent macro situation.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.

India

TeamLease Services Limited provides staffing and human resource services. The Company offers temporary staffing, permanent recruitment, payroll process outsourcing, regulatory compliances, assessment, and corporate training services. TeamLease Services conducts its business in India.

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TeamLease Services (TEAM IN)

HSIE Results Daily: Tata Motors, Bajaj Auto, Tata Elxsi

Tata Motors: Although headline numbers at JLR suggest a margin beat relative to expectations, the beat is led by higher capitalised costs

HDFC Securities

Exchanges, Staffing and Internet - Mixed Bag

We prefer MCX in the exchanges space, aided by continued traction in options volume, healthy new product pipeline (index and mini contracts) and...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

Exchanges, Staffing and Internet - Recovery on the Cards

The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ). The effective ADTV...

HDFC Securities

IT Sector: Demand resilience

The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services,...

HDFC Securities

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