ANGELONE

Oct 15 (Reuters) - Indian brokerage Angel One ANGO.NS on Wednesday posted its third-straight quarterly profit decline, as last year's curbs on equity derivatives trading continued to limit participation of retail investors.

The company, which competes with startups such as Zerodha, Groww and Upstox, said its consolidated profit slumped 50% to 2.12 billion rupees ($24.08 million) for the three months ended September 30.

The Securities and Exchange Board of India in November last year raised the minimum contract value and limited weekly index options to one per exchange, making it more costly to trade in the asset class.

The move, aimed at curbing speculative retail trading in a segment where 90% of traders incur losses, hit trading volumes and revenue for brokers that rely heavily on derivatives turnover.

In October, Angel One said its gross client acquisition was down 41.9% and its total orders fell 26.3% in the second quarter.

SEBI said in August it is also considering extending equity derivatives contract tenures and limiting who can trade.

Since the curbs, Angel One has stepped up efforts to diversify into margin funding, wealth management, insurance, loan distribution and asset management.

Analysts had said the strategy could materially increase the company's non-broking revenue share over the next five to seven years, helping to reduce reliance on volatile derivatives income.

Its overall revenue during the quarter declined 20.7% to 12.02 billion rupees, Angel One said in an exchange filing.

Shares closed 1.7% higher ahead of results on Wednesday.

($1 = 88.0400 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Eileen Soreng and Sahal Muhammed)

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** Angel One ANGO.NS rises as much as 3.2% to 2,271.6 rupees; set to gain for fourth straight session

** Brokerage's client base jumps 24% y/y in Q2; avg client funding book soars 36.4%

** More than 711,000 shares traded, nearly in line with 30-day moving avg of 975,413

** Stock rated "buy" on avg; median PT is 2,820 rupees, per data compiled by LSEG

** ANGO last up 2%, cutting YTD losses to ~25%

(Reporting by Meenakshi Maidas in Bengaluru)

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** Shares of BSE BSEL.NS fall 3.3% and Angel One ANGO.NS fall 4.1%

** India market regulator SEBI will float a consultation paper on ending weekly F&O contracts within a month, CNBC-TV18 reports citing sources

** SEBI plans transition to monthly expiries and may consider same-day expiry across all exchanges, report adds

** Regulator's board likely to be briefed on longer derivative tenures on September 12 and consultation with exchanges to start from next week, report says

** Year-to-date, BSEL up about 24% and Angel One down around 24%

(Reporting by Vijay Malkar)

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Sept 4 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - AUG ORDERS AT 109.86 MILLION

• ANGEL ONE LTD - AUG CLIENT BASE AT 33.57 MILLION

Source text: ID:nBSE719Ybx

Further company coverage: ANGO.NS

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Updates with comments from regulatory official; rewrites

By Jayshree P Upadhyay

Mumbai, Aug 21 (Reuters) - India's markets regulator is considering fresh steps to cool the country's booming equity derivatives markets as it looks to curb trading in a segment where more than 90% of traders suffer losses.

The steps could include longer maturity derivatives contracts to product suitability rules that limit retail investor participation in riskier segments of the market, regulatory officials said at an event on Thursday.

A surge in derivatives trading over the last few years, driven in part by retail investors, has prompted the Securities and Exchange Board of India (SEBI) to limit the number of contract expiries and increase lot sizes to make such trades more expensive.

To cool the market further, SEBI plans to increase the tenure of equity derivatives contracts, but the proposal is still at a conceptual stage, Chairman Tuhin Kanta Pandey said on the sidelines of the industry event.

SEBI is also "open to" objective and simple criteria to define investors who are considered suitable to trade in derivatives, Ananth Narayan, a whole-time member of SEBI, said at the same event.

The regulator has so far stayed away from limiting retail investor access through suitability rules as these are tough to implement.

A SEBI research paper released last month showed that individual traders made losses of 1 trillion rupees ($11.46 billion) by trading in futures and options, a 41% jump from the the previous year.

Shares of stock exchange operator BSE BSEL.NS and discount broker Angel One ANGO.NS slid 7.6% and 6.7%, respectively, on Thursday following the comments. Derivatives trading contributes more than 50% to BSE's revenue, and three-fourths to that of Angel One.

Separately, SEBI also set up a dedicated unit to examine patterns of manipulation, the regulator's whole-time member Kamlesh Varshney said at the event.

The move comes after SEBI had temporarily barred U.S.-based firm Jane Street for its trading strategies that "manipulated" a key stock market index. Jane Street has denied these allegations and said its trading strategies were simple arbitrage.

Pandey added that SEBI would work with India's corporate affairs ministry and stock exchanges to build a regulated platform for the so called "grey-market", where unlisted shares change hands.

($1 = 87.2480 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai, writing by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Sonia Cheema)

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** Nifty 50 .NSEI and Sensex .BSESN flat as drop in Reliance RELI.NS offsets post-results rally in Eternal ETEA.NS, gains in HDFC Bank HDBK.NS, ICICI Bank ICBK.NS

** Eleven of 13 major sectors decline; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 0.2% and 0.4%, respectively

** Zomato-parent ETEA jumps 8.6% on Q1 revenue surge

** HDBK, ICBK up 0.4% and 0.8%, respectively, extending Monday's rise on strong Q1

** RELI down 1.2%, after Monday's 3.2% fall, on concerns over softness in oil-to-chemicals, retail businesses

** Markets seen range-bound in near term, with earnings offering direction as U.S. tariff deadline jitters keep investors on edge, two analysts say

** Exchange operator BSE BSEL.NS, brokers Nuvama Wealth NUVA.NS, Angel One ANGO.NS rise after SEBI lifts trading curbs on Jane Street

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Angel One Ltd ANGO.NS rise as much as 2.9% to 2,795 rupees

** Stock broker reported a 61% fall in Q1 profit to 1.14 bln rupees ($13.3 mln), while it fell 34.3% q/q

** Investec says Q1 rev q/q growth better than our estimates; expects credit distribution to see ramp-up in FY26

** Motilal Oswal says, in-line profit performance; stable market environment, introduction of brokerage for cash delivery orders resulted in 29% sequential growth in cash brokerage; however elevated employee expenses and increased IPL spends weighed on bottomline

** Y/Y rev decline on account of F&O regulations, weak market sentiments, true to label regulations - Investec

** ANGO last up 1.8%, cutting YTD losses to 7.3%

($1 = 85.8390 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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** India's exchange operator BSE BSEL.NS climbs 4.1%; Central Depository Services (India) CENA.NS up 1.8%

** Stock brokers Nuvama Wealth Management NUVA.NS and Angel One ANGO.NS gain 1.8% and 0.8%, respectively

** India's markets regulator said Jane Street has deposited 48.44 billion rupees into an escrow account, and requested lifting its trading restrictions

** It was not immediately clear when Jane Street might resume trading

** On July 3, regulator, SEBI, barred Jane Street from the domestic market for manipulating stock indices via derivatives

** Derivatives account for more than half of BSE's revenue, 77% of Angel One's broking revenue; Nuvama is Jane Street's India trading partner

** YTD, BSE, NUVA up 39%, ~8%, ANGO and CENA down ~8% and 2%

(Reporting by Manvi Pant in Bengaluru)

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** India's BSE BSEL.NS and Angel One ANGO.NS down 6.5% each, Central Depository Services (India) CENA.NS sheds 2.4%

** Stocks extend losses after CNBC-TV18 reports SEBI may link options leverage to cash positions

** Stocks fell up to 4% ahead of news on concerns over regulatory measures on derivatives segment after Jane Street ban

** Derivatives account for more than half of BSE's revenue, 77% of Angel One's broking revenue

** Net losses of India's retail individual traders in equity derivatives segment widened by 41% to 1.06 trillion indian rupees ($12.37 billion) in FY25, SEBI said in a study on Monday

** "The underlying trend is worrisome because majority of retail traders continue to lose money. Either higher surveillance or some new measures can't be ruled out," says Pankaj Pandey, head of retail research at ICICI Securities

** YTD, BSEL up 40%, while ANGO down 10%

($1 = 85.7200 Indian rupees)

(Reporting by Vivek Kumar M)

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Adds details, background from paragraph 2 onwards

July 2 (Reuters) - India's Max Financial Services MAXI.NS said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender.

The company has initiated a security assessment and data log analysis, Max Financial said.

"A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement.

Axis Max Life Insurance is a joint venture between private lender Axis Bank AXBK.NS and Max Financial.

Indian firms such as Angel One ANGO.NS, Niva Bupa Health Insurance NIVA.NS and Star Health STAU.NS and HDFC Life Insurance HDFL.NS have reported high-profile security breaches in the past 10 months.

The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems.

Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year.

Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021.

(Reporting by Manvi Pant; Editing by Shreya Biswas and Tasim Zahid)

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** Angel One's shares ANGO.NS rise nearly 3% to 3,218 rupees

** Brokerage's client base jumps 34% y/y in May, avg client funding book surges 46%

** Analysts, on avg, rate stock "buy"; median PT 2,650 rupees - data compiled by LSEG

** YTD, stock up 10%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Angel One ANGO.NS falls 4% to 2259 rupees

** Brokerage's Q4 profit falls Y/Y, hurt by tighter regulations in derivatives segment, weak equity markets

** Motilal Oswal says co has option to adjust pricing and take other steps to revive growth, restore margins to 45–50% over long term

** Adds newer businesses like loans, FDs, wealth, AMC may pick up in medium term

** Stock rated "buy" on avg; median PT is 2750 rupees - data compiled by LSEG

** Stock down 23% YTD

(Reporting by Aleef Jahan in Bengaluru)

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April 16 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE - MARCH-QUARTER CONSOL PROFIT 1.75 BILLION RUPEES

• ANGEL ONE - MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 10.56 BILLION RUPEES

Further company coverage: ANGO.NS

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** Angel One ANGO.NS slides as much as 7.6% to 2,275.55 rupees

** Stockbroker's Q4 gross client acquisition falls 43.9% Y/Y; number of orders drops 30.5% Y/Y

** Gross client acquisition for March down 43.6% Y/Y; number of orders dip 22.8% Y/Y

** Share price below 50-day, 100-day and 200-day exponential moving averages

** Stock rated "buy" on avg; median PT is 2,700 rupees, per data compiled by LSEG

** ANGO falls 22.3% YTD

(Reporting by Ashish Chandra in Bengaluru)

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** Kotak Institutional Equities initiates coverage of stockbroker Angel One ANGO.NS with "buy" rating, citing strong execution track record

** ANGO rises as much as 4.4% to 2,457 rupees

** Kotak sets PT of 2,800 rupees, implying a nearly 19% upside to last close

** Recovery in retail activity to drive ~20% earnings CAGR over FY27-28 - Kotak

** However, brokerage assumes a weak FY26 for the co due to decline in orders given the overhang of F&O regulations

** Our long-term forecasts imply 11% earnings CAGR over the following 10 years - Kotak

** We assume active client base growth to continue, reaching ~9 mln clients by end of FY27 vs 7.5 mln currently - Kotak

** Stock down 16.5% YTD

(Reporting by Ashish Chandra in Bengaluru)

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March 5 (Reuters) - Angel One Ltd ANGO.NS:

• APPOINTS AMBARISH KENGHE AS GROUP CEO

• AMBARISH KENGHE JOINS AS GROUP CEO EFFECTIVE MARCH 5, 2025

Source text: ID:nBSE9Sjlnh

Further company coverage: ANGO.NS

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** Shares of Angel One ANGO.NS fall 4% to 2,108.30 rupees

** Investment banking and brokerage services provider says some of its Amazon Web Services resources were compromised

** Co says it hired an external forensic partner to validate and investigate the impact

** "We have verified that this breach does not have any impact on clients' securities, funds and credentials and all our client accounts remain secure" - ANGO

** Stock set for fifth straight session of decline

** ANGO set for biggest weekly fall in eight, sliding ~9%

(Reporting by Kashish Tandon in Bengaluru)

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Feb 5 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE - AVERAGE DAILY ORDERS IN JANUARY 2025 DOWN 27.6% Y/Y

Source text: ID:nBSEbGrfpp

Further company coverage: ANGO.NS

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** Shares of Angel One ANGO.NS fall as much as 6% to 2,300 rupees in early trade, lowest since Aug. 9

** Stock top loser on Nifty smallcap index .NIFSMCP100, which is up 0.49%

** Investment banking and brokerage services provider posts 8% Y/Y rise in Q3 profit, its slowest profit growth since listing in 2020

** Says it faced tighter regulations in equity derivative sector, which raised entry barrier and made it more costly to trade in the asset class

** Avg rating of seven analysts is a "buy"; median PT is 3,600 rupees - LSEG data

** Stock fell about 16% in 2024 vs an around 24% gain in smallcap index

($1 = 86.5150 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Jan 13 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - APPOINTS AMBARISH KENGHE AS GROUP CEO

Source text: ID:nNSEbwKHFK

Further company coverage: ANGO.NS

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Jan 6 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - DEC NUMBER OF ORDERS DOWN 13% Y/Y

• ANGEL ONE LTD - DEC AVERAGE CLIENT FUNDING BOOK UP 121.5% Y/Y

• ANGEL ONE LTD - Q3 NUMBER OF ORDERS UP 20.4% Y/Y

• ANGEL ONE LTD - Q3 AVERAGE CLIENT FUNDING BOOK UP 118% Y/Y

Source text: ID:nBSE36SsdJ

Further company coverage: ANGO.NS

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Dec 6 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - NOV AVERAGE DAILY ORDERS UP 35.7% Y/Y

Source text: ID:nBSEcGSll

Further company coverage: ANGO.NS

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Nov 26 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - RECEIPT OF MUTUAL FUND LICENCE FROM SEBI

• ANGEL ONE LTD - SEBI GRANTS REGISTRATION TO ANGEL ONE MUTUAL FUND

• ANGEL ONE - UNIT ANGEL ONE ASSET MANAGEMENT GETS APPROVAL TO ACT AS ASSET MANAGEMENT CO FOR ANGEL ONE MUTUAL FUND

Source text: [ID:]

Further company coverage: ANGO.NS

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Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - OCT GROSS CLIENT ACQUISITION FALLS 3% Y/Y

• ANGEL ONE LTD - OCT OVERALL ADTO UP 53.7% Y/Y

• ANGEL ONE LTD - OCT F&O ADTO UP 53.9% Y/Y

Source text: ID:nBSE2NprZg

Further company coverage: ANGO.NS

Oct 25 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE SETTLES WITH SEBI BY PAYING 57.5 MILLION RUPEES ON ALLEGED VIOLATION FOR CERTAIN RULES

Source text for Eikon: [ID:]

Further company coverage: ANGO.NS

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** Brokerage firm Angel One ANGO.NS jumps 8% to 2,940 rupees in pre-open trade; eyes fourth straight session of gains

** Co's Sept-qtr consol profit jumps 39% to 4.23 bln rupees ($50.3 mln) as increased trading activity boosted order volumes

** Total rev up ~45%, while total client base rises 61%

** ANGO top gainer on Nifty smallcap 100 index .NIFSMCP100, which is up 0.5%

** Rated "buy" on avg, stock's median PT is 2,800 rupees - LSEG

** However, ANGO still down ~16% so far this year vs NIFSMCP100's ~27% rise

($1 = 84.0620 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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Oct 14 (Reuters) - Indian brokerage firm Angel One ANGO.NS reported higher second-quarter profit on Monday, helped by increased trading activity in a period when local stock markets registered strong growth.

The company's profit rose 39% to 4.23 billion rupees ($50.4 million) in the quarter ended Sept. 30, from 3.04 billion rupees a year earlier.

India's benchmark stock indexes clocked multiple record highs during July-September and rose for the sixth consecutive quarter, aided by a strong economy and inflows from domestic institutional and individual investors.

The sustained growth in the equity market led to Angel One's orders jumping 44.5%, which helped its total revenue rise to 15.15 billion rupees from 10.48 billion rupees a year ago.

The company's total client base rose 61% to 27.5 million year-on-year.

Its expenses, however, surged 47% to 9.44 billion rupees, largely due to a 73% rise in employee-related expenses.

The company cited employee and stock options costs "on account of onboarding of talent in wealth, tech, product and data analytics," for the higher expenses.

Angel One, which competes with startups such as Zerodha, Groww and Upstox, said its share in India's demat accounts rose to 15.7% from 13.2% a year earlier.

The company's shares ended 0.7% higher ahead of results on Monday. The stock has declined about 22% so far this year.

($1 = 84.0180 Indian rupees)

(Reporting by Dimpal Gulwani; Editing by Varun H K)

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Oct 4 (Reuters) - Angel One Ltd ANGO.NS:

• ANGEL ONE LTD - SEPT OVERALL ADTO UP 47.5% Y/Y

• ANGEL ONE LTD - SEPT F&O ADTO UP 47.3% Y/Y

Source text for Eikon: ID:nBSE2D4gj1

Further company coverage: ANGO.NS

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Corrects spelling of Zerodha co-founder's name in paragraph 9

Oct 3 (Reuters) - Shares of most Indian brokerages settled lower on Thursday after the markets regulator tightened rules for derivatives trading, while an escalating Middle East conflict weighed on broader markets.

The Securities and Exchange Board of India (SEBI) on Tuesday raised the entry barrier and made it more costly to trade in equity derivatives. The changes will be effective from Nov. 20.

SEBI had first proposed tightening derivatives trading in July.

Online trading platforms Aditya Birla Money ABML.NS and SMC Global Securities SMCG.NS fell the most, dropping 3.7% and 3.8%, respectively. They were flat earlier in the session.

Discount broker 5Paisa Capital PAIS.NS, which rose 3.8% earlier in the day, ended down 2.7%.

The benchmark Nifty 50 .NSEI and S&P BSE Sensex .BSESN posted their worst sessions since early August as the widening Middle East conflict dented risk appetite. .BO

Discount broker Angel One ANGO.NS, was the lone gainer, closing 5.5% higher in a choppy session after analysts at Investec raised the price target on the stock to 3,000 rupees, the second-highest on the Street.

Exchange operator BSE's BSEL.NS shares closed up 2.5% after briefly rising nearly 10%. BSE, which has smaller exposure to the derivatives segment, would be affected less by the new rules than the National Stock Exchange of India, Motilal Oswal said in a note.

SEBI's new rules would hurt 60% of all futures and options trades and 30% of overall trades, Nithin Kamath, co-founder of India's largest brokerage Zerodha, said in a post on X, adding that Zerodha would decide on pricing changes on Nov. 20.

Indian authorities have been flagging concerns about the unchecked explosion of retail investor trading in derivatives and the possibility that it could create challenges for the markets, investor sentiment and household finances.

A SEBI study published last month showed that only 7.2% of individual Indian traders made a profit in futures and options in the three years to March 2024.

($1 = 83.9330 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)

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** Shares of Angel One ANGO.NS rise as much as 7.5%, last up 2.4% to 2,623.95 rupees

** Co raises brokerage charges including on options and futures trading; it also adds charges on cash and equity delivery

** Cash delivery-charges would be net accretive since volumes of F&O remain will remain unimpacted by this move - Shivaji Thapliyal, head of research and lead analyst at YES Securities

** Stock on track to rise for third straight session

** ANGO rated "buy" on avg, rival Motilal Oswal Financial Services MOFS.NS rated "strong buy" - LSEG data

** ANGO down 24% YTD, MOFS up 138%

(Reporting by Varun Vyas in Bengaluru)

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