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. 

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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

Multi Commodity Exchange India / Equity Bottom-Up

<p>Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.</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>

Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.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 (Q3FY22E Results Preview): Momentum continues