Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

<ul>
<li>SEBI-Mandated structural changes continue to percolate through for Options Markets. Position limits &amp; lot sizes have been increased drastically, tilting regulations away from Retail &amp; towards more Institutional participation.</li>
<li>IV levels are in the middle of their 12-month ranges. Vol-Regime Model currently in "High &amp; Down" state - grind lower in IVs projected. </li>
<li>In spite of a stronger underlying index, upcoming Bank earnings results have supported BankNifty IVs.  </li>
</ul>


SEBI-Mandated structural changes continue to percolate through for Options Markets. Position limits &amp; lot sizes have been increased drastically, tilting regulations away from Retail &amp; towards more Institutional participation.
IV levels are in the middle of their 12-month ranges. Vol-Regime Model currently in "High &amp; Down" state - grind lower in IVs projected. 
In spite of a stronger underlying index, upcoming Bank earnings results have supported BankNifty IVs.  


EQD / NSE Vol Update / Options Mkt. Structural Changes Incoming: 15x Position Limits + 3x Lot Size

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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

<ul><li>HDFC Bank reported broadly in-line performance with strong deposit growth in Q2FY2025.</li><li>Given the transition period, management’s relentless focus is towards balance sheet management and stability in return ratios.</li><li>The bank shared its glide path for loan growth. In FY2025, it would probably grow slower than the system.</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.

HDFC Bank reported broadly in-line performance with strong deposit growth in Q2FY2025.Given the transition period, management’s relentless focus is towards balance sheet management and stability in return ratios.The bank shared its glide path for loan growth. In FY2025, it would probably grow slower than the system.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.

HDFC Bank Ltd - Better Visibility Going Ahead

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>HDFC Bank (HDFCB) reported steady performance in 2QFY25, with net earnings of INR168.2b (~3% beat).</li><li>NIMs declined 1bp QoQ to 3.46%, while the C/D ratio declined sharply by ~4% QoQ to 99.8%.</li><li>Provisions were 5% higher than MOFSLe at INR27b.</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.

HDFC Bank (HDFCB) reported steady performance in 2QFY25, with net earnings of INR168.2b (~3% beat).NIMs declined 1bp QoQ to 3.46%, while the C/D ratio declined sharply by ~4% QoQ to 99.8%.Provisions were 5% higher than MOFSLe at INR27b.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.

HDFC Bank - Steadily Moving Towards Improved Growth and Profitability

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<ul><li>Eyeing accelerated LDR improvement: HDFCB has re-iterated its stance of reducing its LDR to pre-merger levels of mid-to-high 80%.</li><li>The management indicated that the bank would adopt an accelerated approach to trim LDR to the desired level from the current levels of ~100%.</li><li>While deposit growth has seen a strong pick-up in Q2FY25, the bank will continue to maintain the momentum, with a focus on granular retail deposits. </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.

Eyeing accelerated LDR improvement: HDFCB has re-iterated its stance of reducing its LDR to pre-merger levels of mid-to-high 80%.The management indicated that the bank would adopt an accelerated approach to trim LDR to the desired level from the current levels of ~100%.While deposit growth has seen a strong pick-up in Q2FY25, the bank will continue to maintain the momentum, with a focus on granular retail deposits. 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.

HDFC Bank Ltd - Balancing Between Profitable Growth and LDR Improvement!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the coming week will see a whole lot of listings across the region.</li>
<li>On the placements front, there were mainly deals in Australia this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the coming week will see a whole lot of listings across the region.
On the placements front, there were mainly deals in Australia this week.


ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

EQD / NSE Vol Update / Options Mkt. Structural Changes Incoming: 15x Position Limits + 3x Lot Size

Nifty50 Index has traded decisively below 25000 level. IVs have responded as a result, taking the entire Vol Surface uniformly higher. Weekly IVs...

AceGama Advisors

HDFC Bank Ltd - Better Visibility Going Ahead

HDFC Bank reported broadly in-line performance with strong deposit growth in Q2FY2025. Given the transition period, management’s relentless focus...

Sharekhan

HDFC Bank - Steadily Moving Towards Improved Growth and Profitability

NIMs declined 1bp QoQ to 3.46%, while the C/D ratio declined sharply by ~4% QoQ to 99.8%. Provisions were 5% higher than MOFSLe at INR27b.

Motilal Oswal

HDFC Bank Ltd - Balancing Between Profitable Growth and LDR Improvement!

Eyeing accelerated LDR improvement: HDFCB has re-iterated its stance of reducing its LDR to pre-merger levels of mid-to-high 80%.

Axis Direct

ECM Weekly (21st Oct 2024) - Tokyo Metro, China Resources, Horizon Robotics, Hyundai India, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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