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. 

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Thematic (Sector/Industry)

<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

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

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

<ul><li>MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume</li><li>We expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quarters</li><li>We expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% 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 revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volumeWe expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quartersWe expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.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, Staffing and Internet (Q4FY25E Results Preview): Softness persists

<ul><li>ICICI Prudential Life: ICICI Prudential Life (IPRU) clocked strong APE growth (+27% YoY) slightly above our estimates, while the VNB growth was modest (+9% YoY) and below our estimates for 9MFY25</li><li>The VNB margins further witnessed steep collapse to 22.8% (-390bps YoY) on the back of a ULIP-heavy mix</li><li>We believe that IPRU’s re-engineered business strategy, which prioritises headline growth over product mix, will drive the growth trajectory of the VNB with muted expansion in VNB/APE margins going forward</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 Prudential Life: ICICI Prudential Life (IPRU) clocked strong APE growth (+27% YoY) slightly above our estimates, while the VNB growth was modest (+9% YoY) and below our estimates for 9MFY25The VNB margins further witnessed steep collapse to 22.8% (-390bps YoY) on the back of a ULIP-heavy mixWe believe that IPRU’s re-engineered business strategy, which prioritises headline growth over product mix, will drive the growth trajectory of the VNB with muted expansion in VNB/APE margins going forwardContent 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: ICICI Prudential Life, Oberoi Realty, Multi Commodity Exchange

<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

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.

Multi Commodity Exchange of India (MCX IN)

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Multi Commodity Exchange of India (MCX IN)

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

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

HSIE Results Daily: ICICI Prudential Life, Oberoi Realty, Multi Commodity Exchange

ICICI Prudential Life (IPRU) clocked strong APE growth (+27% YoY) slightly above our estimates, while the VNB growth was modest (+9% YoY) and below...

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

Price Gauge

52-week Range

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