External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

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

<div><div><div><ul><li>Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). </li></ul><div><div><div><ul><li>It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.</li><li>A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.</li></ul></div></div></div></div></div></div><p><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></p>

Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.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.

Angel One

Angel One - Elevated Opex Dents Margins