BSE

** India's BSE BSEL.NS down 9% in 4 sessions after rival NSE shifts derivative expiry day to Monday effective end of day on April 3

** Currently, NSE's derivatives contracts expire on Thursday and those of BSE expire on Tuesday

** BSE's index option premium market share jumped to 22.1% in February from 16.4% in December after it revised the expiry day on its contracts to Tuesday from Friday

** NSE's latest decision may drive BSE's market share lower to 18%, says Nuvama

** Lowers PT to 5,160 from 7,250, retains "buy" rating

** Analysts' avg rating on BSE is "buy"; median PT 6,053 rupees, as per LSEG data

** Stock down 24% YTD

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of stock exchange operator BSE BSEL.NS close 3.47% lower at 4,299 rupees

** Stock downfall came in after competitor NSE NSEI.NS revises its derivatives weekly and monthly expiry day to Monday from Thursday, effective from April 3

** This change will position NSE derivatives expiry right ahead of BSE's expiry on Tuesday

** If BSE does not move expiry days, its market share in index options premium could fall, while revenue may drop by 8%-12% and earnings are likely to decline by 10%-15%, Jefferies says

** Brokerage adds that the damage can be limited if BSE moves its expiry day to Thursday

** Over past 10 days, BSEL has lost ~20% due to concerns that the market regulator's proposal to bring down market volatility doesn't bode well for the stock

** BSEL shares down 16.3% in 2025 so far, against benchmark Nifty 50's .NSEI 5.9% drop, as per data compiled by LSEG

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected]))

** BSE BSEL.NS falls 5.2% to 4,397 rupees, lowest since November 27, 2024

** Stock down for sixth straight session, losing ~26% so far

** BSE among top losers on Nifty mid-cap index .NIFMDCP100, which is down 1.1%

** Goldman Sachs says Indian markets regulator's proposal to bring down market volatility doesn't bode well for BSE

** Cuts PT to 4,880 from 5,650 rupees

** Stock rated "buy" on avg; median PT is 6,100 rupees - LSEG

** YTD, stock down 17%

(Reporting by Sethuraman NR in Bengaluru)

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

** Shares of stock exchange co BSE Ltd BSEL.NS fall about 13% in February, its biggest monthly drop since February 2023

** Stock falls 11% on Friday to 4,587 rupees, lowest since early Dec 2024

** Reuters could not immediately ascertain the reason behind the move

** Analysts, on average, rate BSEL "buy", with median PT of 6,100 rupees - data compiled by LSEG

** Stock down ~3.1% YTD

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

** Stock exchange operator BSE BSEL.NS rises 3.7% to 5,840 rupees, adding to 8.6% jump on Wednesday

** Goldman Sachs GS.N buys ~729,000 BSE shares for an avg of 5,504.42 rupees each, a 6% premium to Tuesday's close

** GS now adds 0.5% stake, per Reuters calculations

** Average rating of 10 analysts covering BSE is "buy"; median PT is 6,100 rupees - LSEG data

** Stock has gained 13.5% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

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

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.

A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.

It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.

The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.

The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.

But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.

Kotak and its peers may find their dealmaking crown was easier to earn than to hold.

Follow @ShritamaBose on X

CONTEXT NEWS

Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.

(Editing by Antony Currie and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

** Shares of BSE BSEL.NS rise 1.7% to 5,661.65 rupees

** The stock exchange's Q3 consol net profit and revenue doubles y/y

** Trading vols at 2.1 mln shares, 1.3x the 30-day average

** BSEL more than doubled in 2024 vs over four-fold rise in 2023

(Reporting by Vijay Malkar)

(([email protected];))

Feb 6 (Reuters) - BSE Ltd BSEL.NS:

• DEC-QUARTER CONSOL NET PROFIT 2.2 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 7.74 BILLION RUPEES

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

** Shares of stock exchange operator BSE BSEL.NS rise as much as 5.7% to 5,760 rupees after Nuvama initiates coverage with "buy" rating

** Says BSE has "immense scope" to grow customer base as it has 1.5-2 mln customers vs National Stock Exchange's NSEI.NS 4.2 mln

** Sets PT at 6,370 rupees; median PT of 9 brokerages is 5,060 rupees - LSEG

** Nuvama says diverse revenue streams, which includes mutual fund distribution platform and colocation services, will amplify BSE's growth potential

** Higher contract sizes to reduce clearing charges to 734 rupees by FY26 from 2,013 rupees per 10 mln rupees of premium turnover in FY24, lifting EBITDA margin over FY24-FY27 - Nuvama

** Avg recommendation on stock is a "buy" - LSEG

** BSE's stock price rose nearly ten times in last two years

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Shares of BSE Ltd BSEL.NS jump 6.3% to 5,480 rupees

** Motilal Oswal lists stock exchange operator as a top pick for 2025; maintains "buy" and PT of 6,500 rupees

** Brokerage likes BSEL's focus on increasing revenue and market share in the futures and options segment by adding new products and colocation

** Adds, while new regulations on F&O trading have hurt volumes, they would reduce regulatory and clearing costs and help boost profitability

** Jefferies agrees, upgrading BSEL to "hold" from "underperform" and raising PT to 5,250 rupees from 3,500 rupees

** Analysts tracking BSEL rate stock "buy" on avg - data compiled by LSEG

** Stock rose 56% in 2024, more than double the Nifty midcap 100 .NIFMDCP100 index's ~24% rise that year

(Reporting by Nandan Mandayam in Bengaluru)

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

** Shares of BSE Ltd BSEL.NS rise 1% to 5,178 rupees amid drop in broader market with benchmark Nifty 50 .NSEI trading 1.6% lower

** Goldman Sachs says BSEL to continue to benefit from strong growth tailwinds for the country's stock market; starts coverage with "neutral" rating at a TP of 5,060

** While the TP reflects a 1.2% downside from BSE's last close, it is still the highest among the eight analysts covering the stock - data compiled by LSEG

** Due to BSE's operating model, growth in India's corporate earnings will act as powerful compounder for its largest equities trading segment revenue - Goldman Sachs

** Adds recent reforms in options trading cloud outlook for India's second-largest stock exchange, which is trading at full valuations

** Stock jumped 140% in 2024 after surging more than 4-fold in 2023

(Reporting by Nishit Navin in Bengaluru)

(([email protected];))

Corrects paragraph 13 to say BSE's shares have gained about 10%, not doubled, since Nov. 20

By Ira Dugal

MUMBAI, Jan 10 (Reuters) - India's record-breaking capital-raising spree will continue in 2025 given the strong pipeline of firms looking to go public, the head of the country's oldest exchange told Reuters.

"There are 90-plus companies that have already filed their draft prospectus with the regulator, looking to raise an estimated 1 trillion rupees ($11.65 billion) at some point this year," Sundararaman Ramamurthy, the CEO of BSE BSEL.NS said on Thursday.

Last year, 91 large firms went public on the BSE, earlier known as the Bombay Stock Exchange, and the NSE, or National Stock Exchange, raising a record 1.6 trillion rupees via initial public offerings (IPOs), according to analytics firm Prime Database.

Overall public equity fundraising more than doubled to 3.73 trillion rupees.

Ramamurthy said the IPO boom has more Offers for Sale (OFS), where large shareholders sell existing shares, with the proceeds going to them, instead of fresh issues that provide firms with capital to invest.

"I would like to see the OFS percentage coming down and fresh capital raising go up."

BSE earned 1.57 billion rupees in listing fees in the first-half of 2024-25, according to East India Securities. This compares to 1.3 billion rupees in fees reported a year earlier.

Ramamurthy declined to comment on BSE's financials ahead of its upcoming quarterly earnings.

The gains from the IPO pipeline, however, are being tempered by tighter rules for trading derivatives.

The notional value of derivatives traded in India has declined 40% since September, in anticipation of the new rules, while premiums have fallen 15%-20%, Ramamurthy said.

A further decline could be expected since three of the six new rules introduced by the markets regulator will be implemented by April.

"We have to wait till April to judge the final impact," Ramamurthy said.

BSE's shares have gained about 10% since Nov. 20, when the rules were implemented, as analysts expect a lower impact on the exchange compared to the NSE, which has larger derivative trading volumes.

DIVERSIFYING REVENUE STREAMS

BSE, which earns a major chunk of revenue from transaction charges and services to firms including listings, is looking to diversify its income streams, Ramamurthy said.

It aims to grow its index business, which licences indexes used by funds to benchmark investments.

"We have launched 15 indices since the middle of last year and there is room to continue working on that front," he said.

It is also considering expanding its co-location services, which are in demand as high-frequency and algorithmic trading increase.

"There is good possibility of generating revenue (in co-location), but we have not made a decision yet. We will look at it after April once market volumes settle down."

($1 = 85.8380 Indian rupees)

(Reporting by Ira Dugal, additional reporting by Bharath Rajeswaran; Editing by Sonia Cheema)

(([email protected]; +91-9833024892;))

Dec 23 (Reuters) - The National Stock Exchange of India NSEI.NS and BSE BSEL.NS will have full trading on Saturday, Feb. 1, on account of the Union budget presentation, the exchanges said on Monday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; 8800437922))

** Shares of stock exchange co BSE Ltd BSEL.NS rise as much as 2.9% to a record high of 5,794 rupees

** Reuters could not immediately ascertain the reason behind BSEL's move

** Analysts, on average, rate BSEL "hold", with median PT of 4,000 rupees - LSEG data

** Stock up 161% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Dec 9 (Reuters) - Vikram Thermo (India) Ltd VKMT.BO:

• VIKRAM AROMA RECEIVED IN PRINCIPLE LISTING APPROVAL FROM BSE

Source text: ID:nBSE5ZvcfT

Further company coverage: VKMT.BO

(([email protected];))

** Shares of BSE BSEL.NS rise as much as 13.1% to record high of 5,168.90 rupees

** Trading vols at 8.9 mln, over 3x the 30-day average

** Reuters could not immediately ascertain the reason behind day's move

** Analysts, on average, rate BSEL at 'hold' with average TP at 3,448.17 rupees - LSEG

** Stock last up ~10% and has more than doubled YTD vs a four-fold gain in 2023

(Reporting by Vijay Malkar)

(([email protected];))

Nov 22 (Reuters) - BSE Ltd BSEL.NS:

• BSE LTD - APPOINTMENT OF SUBHASIS CHAUDHURI AS CHAIRMAN OF COMPANY

Source text: [ID:]

Further company coverage: BSEL.NS

(([email protected];))

Nov 12 (Reuters) - BSE Ltd BSEL.NS:

• BSE SEPT-QUARTER CONSOL NET PROFIT 3.47 BILLION RUPEES

• BSE LTD - DIVESTMENT IN BSE INSTITUTE BY SALE OF 100% STAKE

• BSE SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 7.46 BILLION RUPEES

Source text: ID:nNSE66c4T8

Further company coverage: BSEL.NS

(([email protected];;))

Nov 8 (Reuters) - BSE Ltd BSEL.NS:

• PRAMOD AGRAWAL HAS RESIGNED AS CHAIRPERSON

Source text: ID:nNSEJQxNc

Further company coverage: BSEL.NS

(([email protected];;))

By Bharath Rajeswaran

Nov 7 (Reuters) - MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weightage on the index to 20%, further narrowing the gap with China.

MSCI said there would be 156 Indian stocks in the index, but that is only one-fourth of China's 598, signalling scope for further inclusion of Indian stocks on the index.

The changes will take place after the markets close on Nov. 25, MSCI said.

The inclusion of the stocks will lift India's weightage in the index to a record 19.8% from 19.3% earlier, narrowing the gap with China, which has slipped to 26.8% from 27%, Nuvama Alternative and Quantitative Research estimated.

It will also likely attract $2.5 billion in passive inflows into India's equity markets, Nuvama said.

China has the highest weightage in the MSCI Global Standard index, while India has been in second place since the end of 2021.

Air conditioner maker Voltas VOLT.NS, realty developer Oberoi Realty OEBO.NS, stock exchange operator BSE BSEL.NS, Kalyan Jewellers KALN.NS, and drug maker Alkem Laboratories ALKE.NS are the latest additions to the index.

Indian markets saw inflows of about $3 billion into equities after the previous MSCI rebalancing in August when seven stocks were added.

"We remain extremely bullish on India, especially with active participation from mutual funds and high net worth individuals (HNIs)/retail investors, and anticipate many more inclusions in the emerging markets index," said Abhilash Pagaria, head of Nuvama research.

Seven existing stocks, including top private lender HDFC Bank HDBK.NS and Tata Power TTPW.NS, saw an increase in their weightage.

HDFC Bank is now the highest-weighted Indian stock in the MSCI indices at 7.08%, surpassing Reliance Industries' RELI.NS 6.08%.

No Indian companies have been removed from the MSCI Global Standard Index so far in November.

Additionally, around 13 firms, including Eureka Forbes EURK.NS, Indegene INEG.NS, and PC Jeweller PCJE.NS, were added to the MSCI Small Cap Index, bringing the total number of small-cap stocks to 525.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Abinaya Vijayaraghavan)

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

** Exchange operator BSE BSEL.NS slumps 4.6% after Jefferies downgrades to "underperform" from "hold"

** Brokerage says BSE's recent rally after tightened equity derivatives rules appears "stretched" and fails to capture impact of risks, like low spillover gains, on broader market

** Sees current market price as unfavourable, with risks outweighing expected gains in earnings

** Brokerage, however, raises TP to Street-high of 3,500 rupees from 2,850 rupees, factoring in implied P/E of 40x in FY26

** New TP ~23% discount to stock's current price of 4,533 rupees

** Stock rated "hold" on avg; median TP is 2,700 rupees - LSEG

** BSEL adds more than 23% since new rules on Oct. 1, gains ~104% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 4 (Reuters) -

• ASIA INDEX PVT LTD LAUNCHES THREE NEW INDICES

• ASIA INDEX ANNOUNCES LAUNCH OF BSE SENSEX SIXTY 65: 35, BSE SENSEX SIXTY, BSE POWER AND ENERGY INDEX

Source text for Eikon: [ID:]

Further company coverage: BSEL.NS

(([email protected];;))

** Shares of Suzlon Energy SUZL.NS down an exchange- allowed maximum of 5% to 75.75 rupees, marking its biggest intraday drop since June 10

** Co received warning letter from stock exchanges NSE and BSE citing non-compliance with listing regulations following resignation of an independent director

** Renewable energy firm stock drops for sixth straight session, falling 9.6%

** Still, SUZL has nearly doubled (up 98%) in 2024, set to post gains for fifth straight year

(Reporting by Nishit Navin)

(([email protected];))

Sept 27 (Reuters) - BSE Ltd BSEL.NS:

• CHANGE IN EXPIRY DATE OF EQUITY DERIVATIVE CONTRACTS TO OCT 31,2024 FROM NOV 1, 2024

Further company coverage: BSEL.NS

(([email protected];;))

* India's BSE Ltd BSEL.NS rises as much as 9.1% to 4,050 rupees, hitting a record high for the second time this week

* 343,665 shares traded in 15 block deals, with most of them dealt at a premium to last close of 3,711.20 rupees, LSEG data shows

* Overall 6.1 mln shares traded, 3X the 30-day avg

* BSEL relative strength index rises to 77.8, suggesting stock might be overbought - LSEG data

* Stock gains 80% YTD, of which 37.5% rise was during the week

(Reporting by Vijay Malkar)

(([email protected];))

* BSE Ltd BSEL.NS jump 15% to record high of 3,845 rupees

** Stock set for 2nd best day since Nov 2023

** 536,729 shares traded in 22 block deals at 3,539.95-3,844 rupees per share, LSEG data shows

** Prices a 6.2% to 15.3% premium to stock's close on Tues

* Overall 10 mln shares traded, 7.7X the 30-day avg

* BSEL up ~72% YTD

(Reporting by Vijay Malkar)

(([email protected];))

BENGALURU, Aug 21 (Reuters) - U.S. private equity firm KKR's KKR.N affiliate, Esoteric, will sell a 17.3% stake in India Grid Trust (IndiGrid) IGTR.NS for $213.6 million, the Indian investment firm said on Wednesday.

The sale involves 135.8 million IndiGrid shares at an offer price of 132 rupees each. The offer comprises a base offer of 9.66% stake with an oversubscription option of 7.66%.

Esoteric, a sponsor of IndiGrid, is also a majority unitholder of IndiGrid Investment Managers, holding a 74% stake. The latter is responsible for IndiGrid's operations, including cash flows, acquisitions, and divestments.

The share sale is scheduled for August 22 and 23, with Axis Capital, Ambit Capital, and SBICAP Securities appointed as selling brokers.

The BSE BSEL.NS is the designated stock exchange.

($1 = 83.8880 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

(([email protected]; +918447554364;))

** Shares of exchange operator BSE BSEL.NS climb 7.3% to 2,570 rupees

** Stock top gainer on nifty mid-cap index .NIFMDCP100

** Co on Wednesday reported a more than three-fold jump in Q1 adjusted profit

** Stock up ~ 16% YTD vs ~ 23% gains in Nifty mid-cap index .NIFMDCP100

(Reporting by Sethuraman NR in Bengaluru)

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

Aug 7 (Reuters) - BSE Ltd BSEL.NS:

• JUNE-QUARTER CONSOL NET PROFIT 2.65 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 6.08 BILLION RUPEES

Source text for Eikon: ID:nBSE6hmKlf

Further company coverage: BSEL.NS

(([email protected];))

** Stock exchange operator BSE's shares BSEL.NS rise 4%, taking two-day gains to about 9%

** Rally sparked by markets regulator SEBI's proposal to curb heightening activity in options trading by limiting weekly contracts to only one sub-index per exchange

** NSE, India's top exchange, has four weekly options contracts, while BSE offers only two

** SEBI's proposal could lead to removal of three of the four for NSE, if implemented

** The move can potentially remove weekly options contracts on Nifty 50 .NSEI, Nifty Bank .NSEBANK, Nifty Financial Services .NIFTYFIN and Nifty Midcap Select .NIFTYMIDSELECT indexes

** If options volumes spill over from the removed NSE contracts, it could potentially benefit BSE, leading to a gain in its market share, say analysts at Investec and Jefferies

** Analysts avg rating on BSE is the equivalent of "buy" -LSEG data

** Their median PT is 2,686 rupees, similar to current levels

(Reporting by Bharath Rajeswaran in Bengaluru)

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