CDSL falls 4% after a large block deal; BSE likely seller

As many as 56 lakh shares, representing a 5.4 percent stake, worth Rs 558 crore changed hands in the early trade on June 14. Trading volumes at 6.7 million shares at 9.20 am were over 12 times the one-month average trading volumes

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Central Depository Services Limited (CDSL) share price fell 4 percent after 56 lakh shares worth Rs 558 crore changed hands early on June 14. The buyers and sellers of the block,  representing a 5.4 percent stake, were not immediately known but dealers Moneycontrol spoke to said BSE was the likely seller.

Some high net-worth individuals and marquee funds were the likely buyers, the dealers said.

At 9.20 am, the stock was quoting at Rs 1,008 on the NSE, down 3 percent from the previous close. Trading volumes at 6.7 million shares were over 12 times the one-month average trading volumes.

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CDSL, which allows investors to deposit securities by opening an account in electronic form (dematerialised), gets its revenues from transaction, account maintenance and settlement charges paid by depository participants. Annual fees, corporate action and e-voting charges paid by companies whose securities are admitted in the depository’s systems are the other sources of revenue.

As of FY23 end, BSE held a 20 percent stake in CDSL. Among domestic funds, Parag Parikh Mutual Fund held over a 4 percent and Nippon India Mutual Fund more than over 1.5 percent stake in the company.

CDSL got listed on the exchanges in 2017. Through the IPO, the BSE, which had a 50.05 percent stake in CDSL, sold 26.05 percent of its holding, to comply with Securities and Exchange Board of India (Sebi) norms.

Sebi says a stock exchange cannot have more than a 24 percent stake in a depository.

For the quarter ended March 31, 2023, CDSL’s net sales came in at Rs 124.77 crore, down 8.64 percent from Rs 136.56 crore in the year-ago period. Net profit at Rs 63.10 crore was down 18.74 percent YoY.

The stock rallied in 2020 and 2021 when there was an upsurge in demat account openings as retail investors rushed to the market but in 2022, the stock fell over 40 percent as account opening moderated.

CDSL delivered lower-than-expected numbers owing to a sharp drop in transaction charges and IPO/corporate action revenue, HDFC Securities said after the Q4 earnings report.

“We expect revenue to grow at ~14 percent CAGR over FY23-25E, driven by a recovery in market-linked revenue and a stable annuity stream,” it said.

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