BSE shares scale all-time high; here's what's driving the exchange's stock
The exchange’s average daily turnover in the equity segment increased to Rs 5,922 crore in the quarter under review, from Rs 4,740 crore in three months ended September 2022.
Shares of BSE in trade on Monday (November 13) marked their all-time high today after profit at the company for the September quarter soared 3.5 times. Revenues also at the country’s leading exchange also went up by 54 per cent year-on-year to Rs 314.5 crores for the September quarter.
Profit after tax at the company edged higher to Rs 120.5 crore in the reporting quarter as against Rs 33.81 crore in the corresponding quarter last year.
BSE shares last at around 11:16 am traded 6.75 per cent higher at Rs 2269.95. The stock’s all-time high hit today is Rs 2272.
Morgan Stanley’s bullish outlook on the Indian equities, seeing the headline index to rally to a decent 74,000 by December 2024, has been a catalyst for the stock.
The exchange’s average daily turnover in the equity segment increased to Rs 5,922 crore in the quarter under review, from Rs 4,740 crore in three months ended September 2022.
Furthermore, the company's board has approved the fund infusion of Rs 22.36 crores in IFSC and Rs 33.88 crore in India International Exchange (IFSC) Ltd (India ICC) towards purchase of equity shares through subscription of rights issue. In the last 1-year, the stock has given an astounding return of 297 per cent.
In the September quarter, DIIs have substantially lapped up the stock of BSE, with their holding standing at 8.09 per cent in the September quarter as against 0.54 per cent in the previous June ended quarter. However, FII holding has seen a fall in the period under review to 7.9 per cent from 8.8 per cent.
1-year price target on the stock as per Trendlyne data is Rs 1839, signifying a considerable 19 per cent downside.
The consensus recommendation on the stock from 6 analysts is Buy, with a ‘Strong Buy’ call by 3 analysts.
The stock is trading at a trailing twelve month price to earnings of 49.59, which is seeming a little stretched.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
08:19 AM IST