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>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other income</li><li>While the loan growth moderated to ~15% YoY, the deposit traction remained steady</li><li>NIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25</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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other incomeWhile the loan growth moderated to ~15% YoY, the deposit traction remained steadyNIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25Content 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: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

<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

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

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>JSW Cement bids for CK Birla’s stake in Orient Cement, reflecting ongoing industry consolidation.</li>
<li>Dixon plans new Chennai plant for laptop production, expanding IT manufacturing capabilities.</li>
<li>IndiaMART shares fall after weak subscriber growth, despite strong profit and revenue increase.</li>
</ul>


JSW Cement bids for CK Birla’s stake in Orient Cement, reflecting ongoing industry consolidation.
Dixon plans new Chennai plant for laptop production, expanding IT manufacturing capabilities.
IndiaMART shares fall after weak subscriber growth, despite strong profit and revenue increase.


# 39 India Insight: JSW Cement Bid Orient Cement, Dixon New Plant, IndiaMart Weak Subscriber Growth

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

India

IndiaMART InterMESH operates as an online B2B marketplace, connecting buyers with suppliers across India for a wide range of products and services, primarily serving small and medium enterprises. The platform facilitates business interactions and offers solutions like lead generation and digital marketing. It is headquartered in Noida, Uttar Pradesh, India, and was founded in 1996.

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IndiaMART (INMART IN)

HSIE Results Daily: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and...

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

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

# 39 India Insight: JSW Cement Bid Orient Cement, Dixon New Plant, IndiaMart Weak Subscriber Growth

JSW Cement bids for Orient Cement, Dixon expands IT manufacturing in Chennai, IndiaMART shares drop despite profit growth. Industry consolidation...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and...

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

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

# 39 India Insight: JSW Cement Bid Orient Cement, Dixon New Plant, IndiaMart Weak Subscriber Growth

​JSW Cement bids for Orient Cement, Dixon expands IT manufacturing in Chennai, IndiaMART shares drop despite profit growth. Industry consolidation...

Sudarshan Bhandari

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

JSW Cement bids for Orient Cement, Dixon expands IT manufacturing in Chennai, IndiaMART shares drop despite profit growth. Industry consolidation...