CDSL got a buy call today from Axis Direct analysts, with the defence for the call citing the digitizing of records business picking up for the company. CDSL’s share in incremental BO accounts increased to 65% in Q4FY18 from 60% the same quarter the past year, and it has gained on the market leader NSDL, with market share increasing from 44% last year to 46.5% in FY18.  

CDSL has also been pursuing its digitization business aggressively, tying up with both academic institutions and insurance companies to digitize records, as businesses work to get databases online and link these datasets to IDs such as Aadhaar. The full Axis report is here.