Shares of National Securities Depository Ltd. (NSDL) will be in focus on Monday, November 3, after brokerage firm JM Financial initiated coverage on the stock with an 'Add' rating and a price target of ₹1,290.

The price target ascribed by JM Financial, implies a potential upside of nearly 12% from Friday's closing levels.

The brokerage wrote in its note that NSDL continues to be the preferred platform for securities settlement in India, consistently handling the majority of demat-based transaction value.

In FY25, NSDL facilitated settlements worth ₹103.2 lakh crore, commanding a 66% market share, compared to 34% for CDSL

The brokerage mentioned that NSDL's core depository business benefits from multiple structural drivers that underpin both revenue growth and profitability. These lev

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