External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circular</li><li>The profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25</li><li>We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% QoQ</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.

MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circularThe profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% QoQContent 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 (Q3FY25E Results Preview): Growth moderating

<ul><li>MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume</li><li>The profitability will improve as the cost structure has normalised post the technology transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% QoQ</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.

MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volumeThe profitability will improve as the cost structure has normalised post the technology transitionWe expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% QoQContent 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 (Q2FY25E Results Preview): On Growth Trajectory

<ul><li>Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income</li><li>AUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)</li><li>While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)</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.

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other incomeAUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)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: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

<ul><li>MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)</li><li>The profitability will improve as the cost structure has normalised post the transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQ</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.

MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)The profitability will improve as the cost structure has normalised post the transitionWe expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQContent 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 (Q1FY25E Results Preview): On Growth Trajectory

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Read Business Not Stock Prices

<ul>
<li>Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. </li>
<li>This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. </li>
<li>The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.</li>
</ul>


Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. 
This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. 
The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.


India's Largest Exchange Took Major Move To Improve Price Efficiency

India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

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Central Depository Services (CDSL IN)

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume

HDFC Securities

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

India's Largest Exchange Took Major Move To Improve Price Efficiency

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume

HDFC Securities

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

India's Largest Exchange Took Major Move To Improve Price Efficiency

​The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...