Neutral BSE Ltd For Target Rs.640 - Motilal Oswal Financial Services
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Increase in transaction charges
* BSE has increased its transaction charges on Equity segment (Cash) for Group A, B, and other non-exclusive scrips (accounting for 45% of segments revenue in 1HFY23) from a slab-wise structure ranging from INR320-345/Crore of turnover to INR375/crore of turnover. Indicatively, the average realization was INR330/Crore in 2QFY23. The new charges will be effective from December 01, 2022. Noteworthy, BSE will now be charging higher than NSE in this segment.
* The exchange has also raised its transaction charges in the currency futures segment. Earlier, no transaction charges were levied beyond INR200b of turnover and a few large members were qualifying for these rates. This segment will now be charged INR10/crore. Rates in the other slabs have also been increased. This will be effective from December 01, 2022. Despite the hike, the charges still would remain lower than that of NSE.
* This would increase our FY23/FY24/FY25 earnings by 1%/4%/6%, respectively, and raise our SoTP-based target price to INR640 from INR620 earlier. We reiterate Neutral rating on the stock.
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