** Jefferies says speculation over shifting index expiries to fortnightly or monthly and aligning them on the same day could have varied impacts on India's BSE BSEL.NS and Nuvama Wealth NUVA.NS.
Potential Options Expiry scenarios | Impact on BSE | Impact on Nuvama |
Fortnightly with separate day expiry | BSE's FY27 total rev down 22%, profit decline by 21% | 15% dip in FY27 profit |
Fortnightly with same expiry | 20% fall in market share, FY27 total rev dip by 33%, profit down 35% | 15% dip in FY27 profit |
Monthly with separate expiry | FY27 total rev dip by 39%, profit down 41% | 25% dip in FY27 profit |
Monthly with same expiry | FY27 total rev down 46%, profit down 50% | 25% dip in FY27 profit |
** Says keenly monitoring India market regulator board meeting, due later in the day
** Adds BSEL, NUVA stocks have priced-in speculations regarding the changes, stocks down 20%, ~23% since June-end; reports on the changes first started in early-July
** Share price of both BSEL and NUVA can fall further in case of monthly expiry scenarios - Jefferies
** YTD, BSEL up 24%, NUVA down ~8%
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))