Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Capital Markets.
Broker Research reports: latest Downgrades
for Industry - Capital Markets
Bombay Stock Exchange (BSE) is consolidating on its newly-found traction in equity index options segment. Volume growth has been stellar in Q2FY24 (index options ADTO in Sensex moved from almost 0 in May’23 to INR 26trn in Sep’23) and now pricing has also improved substantially (INR 50/mn of premium turnover in Apr’23 to ~INR 260/mn on weighted basis as per notification in Oct’23).
Options ADTV has increased exponentially for MCX over the last few years (Q1FY24/Jul’23: INR 629/735bn) while futures ADTV has dipped below INR 200bn levels in Jul’23. Futures plus futures equivalent option volumes (on a like to like basis, MCX's unit revenue from one option notional ADTV is equal to 40% revenue earned from one future ADTV; this ratio keeps changing based on options premium turnover and the rates) stands at INR 478bn as of July23 versus INR 320bn in FY20, while our estimate for adjusted ADTV stands at INR 640bn for FY25E.
Angel One (Angel) is gradually focusing on its business strategy to expand product portfolio beyond broking and increasing the reach through improved digital collaboration with offline partners, while continually augmenting its core digital capability through SuperApp.
We hosted the senior management of 360 One WAM (IIFL) at our Singapore conference. Company was represented by Mr. Sanjay Wadhwa, CFO, and Aniruddha Ganguly (Senior Managing Partner-Client Relationships).
