BUZZ — PL Capital calls India's NSE 'Goliath of capital markets', starts coverage with 'accumulate' rating

* PL Capital says National Stock Exchange's 4.4-trillion-rupee ($45.89 billion) IPO valuation largely captures its premium and market leadership * Initiates coverage with "accumulate" rating and 1,950 rupees PT, implying 9.2% upside from its 1,785-rupee issue price * Calls NSE "Goliath of capital markets," citing a more than 93% share of India's cash-equities market * However, regulatory curbs on weekly expiries, the closing auction session and proprietary-trading rules may temper growth through FY2029 - brokerage * Forecasts profit after tax to grow at an 11% compound annual rate from FY2026 to FY2029 * Earlier, Macquarie started NSE with "outperform" rating, PT 1,965 rupees * NSE lists at 0.8% premium, rises as much as 5% in market debut ($1 = 95.8775 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru) ((mailto:bharath.rajeswaran@thomsonreuters.com; +91 9769003463;)