Buy BSE, target price Rs 650: Prabhudas Lilladher

Prabhudas Lilladher has buy call on BSE with a target price of Rs 650. The current market price of BSE is Rs 586.9. Prabhudas Lilladher recommended to keep stop loss at Rs 570.

BSE, incorporated in the year 2005, is a Small Cap company (having a market cap of Rs 7760.67 Crore) operating in Financial Services sector.

BSE key Products/Revenue Segments include Fees & Other Charges for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 239.82 Crore, up 21.31 % from last quarter Total Income of Rs 197.70 Crore and up 6.21 % from last year same quarter Total Income of Rs 225.80 Crore. Company has reported net profit after tax of Rs 14.38 Crore in latest quarter.

The company’s top management includes JusticeShiavax Jal Vazifdar, Mr.David Wright, Mr.Umakant Jayaram, Mr.S S Mundra, Ms.Jayshree Vyas, Prof.Subhasis Chaudhuri, Mr.T C Suseel Kumar. Company has S R Batliboi & Co. LLP as its auditors. As on 30-06-2022, the company has a total of 14 Crore shares outstanding.

Investment Rationale
The stock has made a double bottom formation like pattern in the daily chart and has recovered substantially from thereon and is on the rise. The brokerage anticipates further momentum in this stock to scale still higher targets and with also the RSI indicator reversing its trend signaling a buy, it has maintained a positive bias.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of September 2022 quarter, while FIIs owned 11.02 per cent, DIIs 1.02 per cent.