Jefferies has maintained a ‘Hold’ rating on BSE Ltd, while raising the target price to ₹2,900, as it waits for regulatory clarity on potential changes in the F&O expiry cycle.
The brokerage said the management does not expect major volume impact from a potential shift in the expiry calendar. It added that the company continues to focus on onboarding clients who trade in longer-dated derivative contracts, which can help cushion any volatility in volumes.
Jefferies expects transition to a common contract note to benefit liquidity and market share, while new instruments in derivatives and data services revenue will be key future profit drivers. Over FY25-28, Jefferies projects a 30% CAGR in net profit, which supports its revised target even as it awaits near-term catalysts to emerge.
