I agree with you that the bookings include JVs as well as projects where GP is development manager. However, this is just a back of the envelope calculation to arrive at a rough fair value. I tend to purchase only when there is at least 20% margin of safety.say at a MCap of 43,000 Cr (1550/share).

Having stated the above, if one has got the purchase price right, GP is a hold for the next years and a half at a minimum. I believe there will be surplus inventory in 2 years.

Please note this is NOT a buy or sell advice. I am NOT a SEBI registered adviser.

(post deleted by author)

Q4 FY24 con-call highlights

MCX

Current Performance:

• The company has successfully managed the entire technology exceptional item related to a payment made to a vendor.
• Costs are projected to remain stable and not dependent on turnover in the future.
• The company has capitalized software costs of 237 crores, encompassing servers, networking equipment, and operating and application software.
• Amortization periods for the capitalized software costs vary, with hardware being amortized over 5 years, networking equipment over 5 years, and the platform over 10 years.
• An additional depreciation cost of 30-35 crores annually is anticipated due to the capitalized software costs.
• Direct market access (DMA) has been introduced for foreign portfolio investors (FPIs) category one, with the FPI category two in the pipeline for testing.
• Transaction charges from options and futures have increased, with 55 crores from futures and 101 crores from options during the quarter.
• Steel contracts have been launched, and the company is actively involved in setting up a coal exchange in collaboration with M-junction.

Future Outlook:

• The company is actively engaged with the ministry and regulators for setting up a coal exchange and is eager to venture into this area.
• Plans are in place for launching options on mini contracts of crude and natural gas and setting up a coal exchange in collaboration with M-junction.
  Concerns:
• While there has been a decline in active UCCs in previous months and quarters, the company anticipates continued growth in the future.
  Other Points:
• Significant growth in ADTO and UCC was observed in Q3, with a projected correction in ADT in futures.
• The company continues to actively pursue the establishment of a coal exchange in collaboration with M-junction.
• Overall, the company has effectively managed the technology exceptional item and foresees stable costs in the future. It is actively pursuing initiatives such as setting up a coal exchange and expanding its market offerings. Despite some concerns, the company remains optimistic about its future prospect

Any and every infrastructure you will need to perform your RA duties should be listed here. It might be office, hardware, software, subscriptions, website, etc.

Vaibhav global seems to have gotten in wave 3.

Disc: Novice in technical analysis, happy to be proven wrong.