External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<p>NSE and BSE volumes were soft in April-21 but picked up strongly in May and June-21. BSE maintained its cash/derivative market share in 1QFY22, which stood at 7.1/6.5% -20/+20bps QoQ. StAR MF and INX continue to register strong growth. BSE is expected to report 2.5% QoQ growth in revenue and an EBITDA margin of 29% (-127 bps QoQ). We increase our core target multiple to 15x vs 10x earlier, which is still at a ~50% discount to peers. Our target price of INR 1,075 is based on 15x core June-23 PAT + net cash + CDSL stake.</p><div class="content-highlight"><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></div>

NSE and BSE volumes were soft in April-21 but picked up strongly in May and June-21. BSE maintained its cash/derivative market share in 1QFY22, which stood at 7.1/6.5% -20/+20bps QoQ. StAR MF and INX continue to register strong growth. BSE is expected to report 2.5% QoQ growth in revenue and an EBITDA margin of 29% (-127 bps QoQ). We increase our core target multiple to 15x vs 10x earlier, which is still at a ~50% discount to peers. Our target price of INR 1,075 is based on 15x core June-23 PAT + net cash + CDSL stake.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, Staffing and Internet (1QFY22E Results Preview): Mixed bag