External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitability</li><li>The new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option traders</li><li>The SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%</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.

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better profitabilityThe new BSE is well-placed to get a share of the large options market in India, powered by the new generation of option tradersThe SENSEX contract has been quite successful and has reached a market share of 25% while the overall notional market share is at ~12%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.

BSE (Update): The All-New BSE. Maintain BUY

<ul><li>BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSE</li><li>The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volume</li><li>With a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressive</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.

BSE has witnessed success with the SENSEX contract in the much larger equity derivatives segment, dominated by NSEThe SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract, BSE will address ~95% of NSE’s derivative volumeWith a single contract, the exchange has reached ~9/3% notional/premium market share, which is impressiveContent 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.

BSE: Derivatives Scaling New Highs. Maintain BUY

<ul><li>BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023</li><li>Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)</li><li>BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)</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.

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)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.

Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

Bombay Stock Exchange (BSE IN)

BSE (Update): The All-New BSE. Maintain BUY

BSE,s market share gain in the derivatives segment is quite impressive and the recent pricing reset improves revenue visibility with better...

HDFC Securities

BSE: Derivatives Scaling New Highs. Maintain BUY

The SENSEX contract is currently catering to ~40% of the NSE’s derivatives volume (NIFTY) but with the launch of the BANKEX contract

HDFC Securities

BSE: - Derivatives Boost. Upgrade to BUY

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities