ANGELONE

** 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)

(([email protected]))

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

• ANGEL ONE LTD - APPROVES FINAL DIVIDEND OF 26 RUPEES PER SHARE FOR FY 2024-25

Further company coverage: ANGO.NS

(([email protected];))

** 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)

(([email protected] (+91 7982114624))

** 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)

(([email protected] (+91 7982114624))

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

(([email protected];;))

** 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)

(([email protected]))

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

(([email protected];;))

** 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)

(([email protected] ; ( +91 8078332441))

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

(([email protected];))

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

(([email protected];))

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

(([email protected];;))

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

(([email protected];))

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

(([email protected];))

** 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)

(([email protected]))

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)

(([email protected];))

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

(([email protected];))

Oct 3 (Reuters) - Shares of Indian brokerages fell on Thursday after the markets regulator tightened rules for trading in derivatives.

The Securities and Exchange Board of India (SEBI) on Tuesday lowered the number of weekly options contracts available to trade for investors to one per exchange and raised the minimum trading amount by nearly three times. The changes will be implemented on Nov. 20.

Discount brokers 5Paisa Capital PAIS.NS and larger peer Angel One ANGO.NS were among the biggest losers, dropping 2.7% and 3.3%, respectively.

Indian stock exchanges were closed on Wednesday for a local holiday.

The measures will hit discount brokers that have a large clientele of retail traders the most, as well as exchanges, Jefferies said in a note.

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

(([email protected]; Mobile: +91 9591011727;))

** 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)

(([email protected]))

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

• JULY OVERALL ADTO UP 54.5% Y/Y

Source text for Eikon: ID:nBSEc0XJ4

Further company coverage: ANGO.NS

(([email protected];;))

** Shares of Angel One ANGO.NS gain 3% to 2,230 rupees apiece

** The wealth management firm to spend 2.50 bln rupees ($30 mln) to leverage AI and to expand in key markets

** ANGO also plans an omni-channel wealth-tech platform comprising of high net-worth individuals (HNI), ultra high net-worth individuals (UHNI) and alternate assets

** Analysts avg rating on ANGO is equivalent of "buy", median TP is 2,750 rupees -LSEG data

** ANGO shares down 36% in 2024 so far, while the broader small-cap index .NIFSMCP100 has risen 26.3%

($1 = 83.6963 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Indian brokerage firms Paisalo Digital PISA.NS, Motilal Oswal Financial Services MOFS.NS, Angel One ANGO.NS and IIFL Finance IIFL.NS fall 2% to 4%

** As part of federal budget, Finance Minister announces increase in tax rates on short-term equity investments to 20% (up from 15%) and on long-term investments exceeding 1 yr to 12.5% (up from 10%)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]))

Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

July 10 (Reuters) - Angel One Ltd ANGO.NS:

• CLARIFIES ON NEWS ANGEL ONE BREACH EXPOSES DATA OF 8 MILLION CUSTOMERS

• NO BREACH OF ANY DATA SINCE INCIDENT REPORTED TO STOCK EXCHANGES ON APRIL 21, 2023

Further company coverage: ANGO.NS

(([email protected];))

** Shares of stock broker Angel One ANGO.NS rise as much as 2.9%, last up 1.7% to 2,382.05 rupees

** Co's average daily orders surged ~86% Y/Y in quarter ended June 30, up 107% y/y in June

** Gross client acquisition for the quarter up ~95% y/y, up ~97% y/y in June

** Analysts' avg rating stock is "Buy", median PT is 3,469 rupees - a 48% premium on last close, per LSEG data

** Including session's gains, stock is down 31.6% YTD vs ~25% rise in the Nifty small-cap index .NIFSMCP100

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Indian brokerage firms down 1.5%-7%

** India markets regulator on Monday asked market infrastructure institutions to levy a uniform charge from Oct. 1 without any discounts based on trading vols to curb frenzy in India's derivative markets

** Exchanges often charge lower fee to brokers if they generate high volumes, contributing to surge in trading across segments like derivatives

** Angel One ANGO.NS down 8%, 5Paisa Capital PAIS.NS falls 3.5%, SMC Global Securities SMCG.NS sheds 1.5% and Geojit Financial down 2.2%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of stock broker Angel One ANGO.NS rise as much as ~7% before trimming some gains, last up 5% to 2,631.3 rupees

** Co's average daily orders in May surged 83.5% Y/y and 11.6% m/m, while its gross client acquisition jumped 91% y/y, ~17% m/m

** Analysts' avg rating on stock is "buy", median PT is 3,580- a 59% premium on last close, per LSEG data

** Including session's gains, stock down 32% so far this year vs ~6% gain in Nifty small-cap index .NIFSMCP100

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

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

• APRIL GROSS CLIENT ACQUISITION UP 96.8% YOY

• APRIL AVERAGE CLIENT FUNDING BOOK UP 90.7% Y/Y

• APRIL CLIENT BASE UP 62.7% Y/Y

Source text for Eikon: ID:nBSE5c7GhG

Further company coverage: ANGO.NS

(([email protected];))

Corrects headline and second bullet to say Q4, not Q2

** Shares of Angel One ANGO.NS rise as much as 8.7% before trimming some gains, last up 5%

** The brokerage firm's Q4 profit grew 27% Y/Y after it posted in Q3 its lowest quarterly profit growth since its Sept 2020 listing

** Rev from ops jumped 65%, orders surged ~79% in Q4

** Stock inches above its 50-day simple moving avg

** More than 420,000 shares traded in the first 10 minutes of trading, 0.9x the 30-day avg

** Including session's gains, stock down ~15% so far this year

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))