External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>NSE and BSE volumes were soft in July-21 but gradually recovered in Aug and Sep-21. BSE's cash/derivative markets for Q2FY22 stood at 8.0/4.1%, +80/-238bps QoQ. StAR MF continued to register strong growth, while INX declined 4% QoQ. BSE is expected to report 2.3% QoQ growth in revenue and an EBITDA margin of 32% (-32 bps QoQ). We maintain our core target multiple at 20x, which is still at a ~50% discount to peers. Our target price of INR 1,580 is based on 20x core Dec-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 July-21 but gradually recovered in Aug and Sep-21. BSE's cash/derivative markets for Q2FY22 stood at 8.0/4.1%, +80/-238bps QoQ. StAR MF continued to register strong growth, while INX declined 4% QoQ. BSE is expected to report 2.3% QoQ growth in revenue and an EBITDA margin of 32% (-32 bps QoQ). We maintain our core target multiple at 20x, which is still at a ~50% discount to peers. Our target price of INR 1,580 is based on 20x core Dec-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 (Q2FY22E Results Preview): Mixed bag; visibility improving

Bombay Stock Exchange

Exchanges, Staffing and Internet (Q2FY22E Results Preview): Mixed bag; visibility improving