External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

Multi Commodity Exchange of India / Equity Bottom-Up

Multi Commodity Exchange of India (MCX IN)

<ul><li>ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.</li><li>Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.</li><li>This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.</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.

ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.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 India - Current Volume Tailwinds Notwithstanding

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs</li><li>We believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitability</li><li>The options volume has increased by 4x YoY and is currently &gt;INR 1,400bn</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 has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highsWe believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitabilityThe options volume has increased by 4x YoY and is currently &gt;INR 1,400bnContent 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.

<ul><li>The Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has been the key overhang</li><li>The commodity exchange, in a press release, has indicated that the technology shift is underway and might happen three months ahead of the deadline</li><li>In the last seven days, MCX has conducted mock trading sessions for 14 hours without any glitches</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 Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has been the key overhangThe commodity exchange, in a press release, has indicated that the technology shift is underway and might happen three months ahead of the deadlineIn the last seven days, MCX has conducted mock trading sessions for 14 hours without any glitchesContent 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 - Tech Transition Underway, Options Surge. Maintain BUY

<ul><li>MCX growth has been driven by a surge in options volume but uncertainty around the technology shift timeline remains the key overhang</li><li>Options ADTV has increased ~2.7x YoY and is currently &gt;INR 500bn (~2.4x of futures)</li><li>The first phase of growth in options was led by a surge in traded UCCs and higher volatility in energy contracts (~85% of volume), while the next phase will be driven by bullion and the launch of new contracts (mini and index options)</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 growth has been driven by a surge in options volume but uncertainty around the technology shift timeline remains the key overhangOptions ADTV has increased ~2.7x YoY and is currently &gt;INR 500bn (~2.4x of futures)The first phase of growth in options was led by a surge in traded UCCs and higher volatility in energy contracts (~85% of volume), while the next phase will be driven by bullion and the launch of new contracts (mini and index options)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.

Multi Commodity Exchange: Options Drive, Tech Drags. Maintain BUY

Multi Commodity Exchange - Options Drive, Tech Drags. Maintain BUY

India

Multi Commodity Exchange of India (MCX) is India's largest commodity derivatives exchange, offering an online platform for trading commodity futures and options across segments such as bullion, base metals, energy, and agricultural commodities. The company also provides data feed subscriptions and membership services. It was founded in 2003 and is headquartered in Mumbai, India.

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Multi Commodity Exchange of India (MCX IN)

MCX India - Current Volume Tailwinds Notwithstanding

ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected

ICICI Securities Limited

MCX: A New Beginning. BUY

MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs

HDFC Securities

MCX - Tech Transition Underway, Options Surge. Maintain BUY

The Multi Commodity Exchange of India Ltd (MCX) has witnessed impressive growth in options volume but uncertainty around the technology shift has...

HDFC Securities

Multi Commodity Exchange: Options Drive, Tech Drags. Maintain BUY

MCX growth has been driven by a surge in options volume but uncertainty around the technology shift timeline remains the key overhang

HDFC Securities

Multi Commodity Exchange - Options Drive, Tech Drags. Maintain BUY

MCX growth has been driven by a surge in options volume but uncertainty around the technology shift timeline remains the key overhang

HDFC Securities

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