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>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

<ul><li>MCX is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growth</li><li>The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ</li><li>We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% 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 is expected to report a flat quarter sequentially (+0.4 QoQ) although it will register 31.2% YoY growthThe revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQWe expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/-1.1% 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: Recovery in sight

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.</li>
<li>We see no changes for NIFTY 50 and three changes for NIFTY 100 (which would result in similar changes to NIFTY Next 50).</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
We see no changes for NIFTY 50 and three changes for NIFTY 100 (which would result in similar changes to NIFTY Next 50).


Quiddity Leaderboard NIFTY Mar26: Hindustan Aeronautics and Adani Enterprises Close to the Borders

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.

Equity Capital Markets

<ul>
<li>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


<ul><li>MCX: MCX is expected to report revenue growth of +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)</li><li>The margin and profitability will improve as there were one-off cost items last quarter which will normalize, and growth will boost margins</li><li>We expect MCX to post an EBITDA/PAT of INR 2.60/1.94bn, up +46/43% 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 +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)The margin and profitability will improve as there were one-off cost items last quarter which will normalize, and growth will boost marginsWe expect MCX to post an EBITDA/PAT of INR 2.60/1.94bn, up +46/43% 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 (Q1FY26E Results Preview): A mixed bag

India

Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The Company also operates an online matrimonial website for prospective brides, grooms, and relatives.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Info Edge India (INFOE IN)

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

Exchanges, Staffing and Internet: Recovery in sight

The revenue from options is down 2.0% QoQ while futures revenue is up 4.6% QoQ. We expect MCX to post an EBITDA/PAT of INR 2.43/2.01bn, up +0.4/...

HDFC Securities

Quiddity Leaderboard NIFTY Mar26: Hindustan Aeronautics and Adani Enterprises Close to the Borders

We see Hindustan Aeronautics (HNAL IN) as the highest-ranked potential ADD and Adani Enterprises (ADE IN) as the highest-ranked potential DEL for...

Janaghan Jeyakumar, CFA

PayTM Block - US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in One 97 Communications Ltd...

Akshat Shah

Exchanges, Staffing and Internet (Q1FY26E Results Preview): A mixed bag

MCX: MCX is expected to report revenue growth of +27/57% QoQ/YoY, led by revenue growth in options (+24% QoQ) and futures (+46% QoQ)

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)