NSE stock lists: Macquarie, PL Capital begin coverage; see up to 9% upside

•Macquarie initiated coverage on NSE with an 'outperform' rating, setting a price target of Rs 1,965 due to its leading market share and power.

•PL Capital initiated coverage with an 'accumulate' rating and a price target of Rs 1,950, citing opportunities in India's financialisation journey and NSE's market infra provider role.

•Macquarie forecasts a 12% revenue CAGR for NSE from FY26-30E, driven by non-transaction revenues and new products, partly offset by modest share losses.

•NSE's IPO was subscribed 5.71x overall, with bids received for 505.8 million shares against 88.6 million shares on offer.