External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

<ul><li>Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.</li><li>L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).</li><li>Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional revenues.</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.

Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional revenues.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.

HSIE Results Daily: Tata Elxsi, L&T Technology Services, Angel One

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.</li>
<li>Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.</li>
<li>The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.</li>
</ul>


The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.
Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.
The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.


RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

ICICI Prudential Asset Management Company / Equity Capital Markets

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.</li>
<li>The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x</li>
<li>We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.</li>
</ul>


Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.


ICICI Prudential AMC - Reasonably Priced for the Longer Term.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

India

Angel One is an Indian technology-led financial services company that operates as a digital-first retail brokerage. It provides a comprehensive suite of investment and trading products across equity, commodity, and currency segments, along with depository services, margin trading, and mutual fund distribution. The company was founded in 1996 and is headquartered in Mumbai, India.

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Angel One (ANGELONE IN)

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

HSIE Results Daily: Tata Elxsi, L&T Technology Services, Angel One

Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1; L&T Technology Services (LTTS IN) posted revenue ahead of...

HDFC Securities

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

HSIE Results Daily: Tata Elxsi, L&T Technology Services, Angel One

Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1; L&T Technology Services (LTTS IN) posted revenue ahead of...

HDFC Securities

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

​RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....