ICICI Securities initiates coverage on India's NSDL with 'hold'

National Securities Depository

19/11/2025 09:15

**ICICI Securities initiates coverage on National Securities Depository Ltd NATS.BO with "hold" and PT of 1,170 rupees, a 1.75% upside to last close

**Brokerage says rating reflects NSDL's long-term relatively safe compounding potential along with market share gains, bolstered by a new, stronger management team and a fresh focus on enhancing digital capability

**Says NSDL's well entrenched position in duopoly depository market has potential for improvement and further earnings growth

**Shares of NSDL, which is India's largest securities depository, down 1% at 1139 rupees on Wed

**However, stock up nearly 22% since its trading debut on August 6

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))