External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Brokers - earnings momentum to sustain: Although the final phase of the upfront peak margin requirement for cash and derivatives kicked in on 1-Sep-21, ADTVs (ex-prop) for cash/derivatives increased +10/19% MoM in Sep'21. However, cash ADTVs for the quarter declined 10% sequentially. The capital markets continued to see solid monthly addition of 12.7mn new retail investors in Q2 on the back of rising market levels and continued primary market activities. Increased retail activity and a market clocking all-time highs continue to support higher volumes, thereby boosting broking revenues.</p><div class="content-highlight"><em>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.</em></div>

Brokers - earnings momentum to sustain: Although the final phase of the upfront peak margin requirement for cash and derivatives kicked in on 1-Sep-21, ADTVs (ex-prop) for cash/derivatives increased +10/19% MoM in Sep'21. However, cash ADTVs for the quarter declined 10% sequentially. The capital markets continued to see solid monthly addition of 12.7mn new retail investors in Q2 on the back of rising market levels and continued primary market activities. Increased retail activity and a market clocking all-time highs continue to support higher volumes, thereby boosting broking revenues.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.

Non-leveraged financials (Q2FY22 Results Preview): Strong earnings traction across segments

ICICI Securities Ltd

Non-leveraged financials (Q2FY22 Results Preview): Strong earnings traction across segments