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>Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQ</li><li>The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)</li><li>The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23</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.

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ)The effective ADTV (futures+options) is up 44% YoY, reaching INR 366bn in Q2FY23Content 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 (Q2FY23E Results Preview): Recovery on the cards

Exchanges, Staffing and Internet - Recovery on the Cards

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>The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.</li><li>IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.</li><li>We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.</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.

The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.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.

It & Telecom Q2fy23 Result Preview – Demand to Remain Robust

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Reported vs "Reality" extends the Broken Promises methodology. Where Broken Promises tests standing management claims, this series presents our independent read of "The Reality" vs what gets Reported. </li>
<li>Reported Highlights (management's word), What Caught Our Attention (the gap), The "Reality" (our read of true economics and thesis implications) — three parts per name.</li>
<li>This note focuses on : <a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> , <a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)</a> &amp; <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>.  </li>
</ul>


Reported vs "Reality" extends the Broken Promises methodology. Where Broken Promises tests standing management claims, this series presents our independent read of "The Reality" vs what gets Reported. 
Reported Highlights (management's word), What Caught Our Attention (the gap), The "Reality" (our read of true economics and thesis implications) — three parts per name.
This note focuses on : Meesho (MEESHO IN) , Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN) &amp; IndiaMart (INMART IN).  


Reported Vs "Reality" | Q1 2027 | Meesho, Bluestone, IndiaMart

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. </li><li>Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)</li><li>Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolio</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolioContent 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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

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)

Exchanges, Staffing and Internet (Q2FY23E Results Preview): Recovery on the cards

Exchanges: MCX options ADTV continues to rise (+60% QoQ) while futures ADTV declined -5.2% QoQThe options ADTV stood at INR 314bn, which is up...

HDFC Securities

Exchanges, Staffing and Internet - Recovery on the Cards

The options ADTV stood at INR 314bn, which is up ~5.2x YoY. The futures volume decline was led by crude (-22% QoQ). The effective ADTV...

HDFC Securities

It & Telecom Q2fy23 Result Preview – Demand to Remain Robust

The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Reported Vs "Reality" | Q1 2027 | Meesho, Bluestone, IndiaMart

We compare reported highlights from management with the reality of true economics and thesis implications for Meesho, Bluestone Jewellery, and...

Pranav Bhavsar

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

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