CDSL Shares Jump 6% On Registering 10-Crore Demat Accounts
The total number of demat accounts has increased almost threefold since March 2020, the company said.
Shares of Central Depository Services (India) Ltd. gained over 6% on Thursday after it became India's first depository to register 10 crore dematerialised accounts.
The milestone mirrored the post-pandemic spike in the number of equity investors. These demat accounts belong to investors across the country, according to an exchange filing on Wednesday.
The total number of demat accounts has increased almost threefold since March 2020.
CDSL's stock rose as much as 6.17% during the day to Rs 1,825 apiece on the NSE. It was trading 4.71% higher at Rs 1,800 apiece compared to a 0.04% decline in the benchmark Nifty 50 as of 10:56 a.m.
It has risen 61.39% on a year-to-date basis. The total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 71.
Four out of 10 analysts tracking CDSL maintain a 'buy' rating on the stock, five recommend a 'hold', and one suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 50.2%.