BSE shares fall 2% as NSE makes market debut. Here's why Macquarie sees 22% upside
On Thursday, BSE shares fell by 1.5%, coinciding with NSE's much-anticipated market debut after a lengthy IPO process. The initial response from analysts was varied; while Macquarie predicted a potential rise in BSE's target price, both Nuvama and Jefferies warned of looming regulatory hurdles that might impact market engagement. Despite the recent downturn, BSE has shown robust growth over the…
On Thursday, BSE shares experienced a 1.5% decline as the National Stock Exchange (NSE) inaugurated its market debut on Asia's oldest stock exchange. Macquarie Group initiated coverage of BSE shares with an 'Outperform' rating and a target price of Rs 4,000 each, indicating a potential increase of over 22% from its previous closing price of Rs 3,270.7.
The NSE listed with a market capitalization of over Rs 4.45 lakh crore, significantly higher than BSE's current market cap of Rs 1.33 lakh crore. During its IPO, NSE raised Rs 6,746 crore from more than 150 anchor investors without any proceeds going to the exchange itself. Macquarie highlights BSE as an opportunity to capitalize on share gains in cash equities, F&O, and non-transaction revenue growth.
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