Macquarie initiated coverage of NSE with an Outperform rating and a Rs 1,965 target, citing its dominant market position, strong network effects, profitability and growth prospects. It expects 12% revenue CAGR through FY30, despite near-term CAS pressures. NSE’s Rs 22,562-crore IPO was subscribed 5.71 times, with QIB demand strongest.
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