BSE shares soar 8% on Investec ‘buy’ upgrade, 38% upside seen

Strong traction in equity derivatives volumes, expectations of market share gains and stabilisation in metrics for BSE are the factors citied by Investec for the upgrade

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Shares of stock exchange operator BSE Ltd surged nearly 8 percent in the early trade on March 21 after brokerage firm Investec upgraded its rating for the scrip to “buy”. The firm also assigned a price target of Rs 2,800 for the stock, reflecting an upside potential of around 38 percent from the previous close.

At 10.25 am, BSE was trading at Rs 2,147.95 on the NSE. Strong volumes also supported the upmove as six lakh shares had changed hands on the bourses in the morning, higher than the five lakh shares in the previous session.

The brokerage cited strong traction in equity derivatives volumes, expectations of market share gains and stabilisation in metrics as factors driving the upgrade.

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BSE continued to witness strong traction in equity derivatives volumes while its option market-share jumped three times on quarter to over 15 percent in March, the firm said.

The company managed to reduce clearing charges paid to NSE by 30 percent on quarter on per Rs 10 lakh basis, the brokerage said.

Buoyed by the positive signs, Investec anticipates further market share gains for BSE, especially given the rapid scale-up of the BANKEX product. It also expects an improved margin profile in Q4 as metrics stabilise.

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