CA Abhishek Zaware

In my opinion USDINR in range of 92 to 94 will be the biggest trigger for FII/FPI to enter Indian Market once this war settles down as Rupee will appreciate after war cools off and crude prices tapering down. Rupee Appreciation will boost FII/FPI return in near term. I don't see crude / gas shortages to continue for very long even though war may go on. Price of crude will also cool off boosting appreciation of Rupee. There is deep value in certain pockets of Indian market. Overall Valuations are looking stretched because of new age businesses being included in index. Our biggest problem is lack of liquidity in Smallcap, Midcap, Microcap. Return of FII/FPI on the backdrop of corrected valuations (Time + Price correction) will be icing on the cake. Remember this is not the time to sell. Counter views are welcome.

Yesterday Edelweiss Financial Services Limited sold 4.4% stake in its 100% subsidiary EAAA India Alternatives Ltd (EAAA) at INR 375 Cr valuing subsidiary at INR 8500 Cr. This Subsidiary is going to get listed soon (DRHP filed in Jan 2026). Holding Company Edelweiss Financial Services is valued by Market INR 10350 Cr. Even if i take 35% Holding company discount valuation of EAAA for Holdco will be 5525 cr. This is 53.38% of Total Value of Holdco. Other than EAAA Holdco has MF AMC (90% stake), ARC Business, Lending Business and Insurance Business. Market is not placing higher value on the company because Debt at Corporate Level is still high and in past NPA problem in lending business had created trouble for profitability to company. At 110 CMP valuations look tempting! Counter views are welcome. Disclaimer: I am not SEBI Registered advisor. This is for education purposes only. Objective is to explain valuation to commerce students.

@CoinMamba4 Please read Presentation uploaded by BSE for Q3FY24. Read about Red ocean and Blue Ocean business slide in that. They have mentioned 12% share for Q3FY24. Sensex and Bankex derivatives are picking up in volume. I will never ever share number if I am not sure. ADZ

NSE Q-o-Q Revenue decline shows that they are losing market share in FNO. Profit comparisons are not correct due to contribution to Settlement Guarantee Fund by both NSE and BSE. Q3 Mkt share for Cash Segment 93% NSE and 7% BSE Q3 Mkt share for FNO Segment 88% NSE and 12% BSE

Disclaimer: I have investments in NSE Ltd. This is not recommendation to buy NSE / BSE. This is just to explain point about valuation.

What should be best metric to do valuation of Exchange ? In my view following factors are important 1. Average Daily Trading Volume (ADTV) 2. Growth in ADTV 3. Take Rate i.e. Revenue as % of ADTV 4. Market size and Market Share 5. Margin Profile Appropriate PE would be 25 to 30.

NSE declared its result for Q3 FY 24 Today. After going through PPT of BSE it seems that NSE has lost market share for Derivatives segment in Q3. NSE has not given quarterly data. Clearly BSE is gaining and NSE has lost market share. So BSE has higher growth trajectory for sure.

I purchased product from Byju on 23-5-22 and made payment. Salesperson of Byju Mr. Saurav Shah promised that I will get GST invoice. I have email for this from this person. Till date I have not received invoice. Does @BYJUS have some basic procedures built in?

An audit reckoning—the $22B Byju’s juggernaut is yet to get Deloitte’s approval - The Ken Is BYJU’S in trouble? the-ken.com/story/an-audit…

Entire Logistics sector is due for rerating. There are lot of structural changes that have taken place. 1. Freight rates won’t decline even if crude comes down. 2. Better roads leading to efficient time utilisation 3. Demand for cold storage jumping up. 4. Lower Debt levels.

Lack of Attention results in lack of Retention.

“Wearing a personality rather than wearing a brand is more important.” CA vs CPA vs MBA Debate in context of new proposals of Govt

India will be signing trade deals with Canada UK Australia. This will ease taboo “India is Protectionist nation” Above 3 countries have least trade conflicts with India. Deal with UAE & Mauritius was on similar lines. Its Shift from competing economies to complementary economies

Find companies which get better with size. I learned this after decent losses in Dilip Buildcon (Highway maker) For every new project they had to infuse additional capital and couldn’t benefit substantially from scale they achieved.

NSE: Classic example on Operating Leverage Benefit or Platform based companies. I hope Intermediate students will recollect this. Disclaimer: I have NSE in portfolio.

@policybazaar your customer service is useless. I am trying to get term insurance for last one month in my wife’s name. I have give them form Form 26AS, ITR and these people need Tax paid challan. Some basic training and common sense is missing in this company! Worst experience.

While doing business valuation discount rate linked to Business Risk is more relevant than WACC. E.g. Discount rate can’t be same when you evaluate O2C proposal and Renewable energy proposal at RIL. WACC will be same but business risk differs.