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>Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)</li><li>Domestic jewellery (ex-bullion) grew 25.4% YoY</li><li>Secondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)</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.

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)Domestic jewellery (ex-bullion) grew 25.4% YoYSecondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)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: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

<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>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

Info Edge is an Indian technology holding company that owns, operates, and invests in internet-led businesses. It provides online platforms for recruitment (Naukri.com), real estate (99acres.com), matrimony (Jeevansathi.com), and education (Shiksha.com), along with strategic investments in technology startups. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1995.

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

Info Edge (INFOE IN)

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY). Domestic...

HDFC Securities

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

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)