Technology

CRISIL is the largest credit rating agency with a market share of around 65% and is
one of the biggest research houses in India. With the recent acquisition of Pipal
Research Corp. (Pipal), robust credit demand and strong infrastructure-spend, we
expect strong growth across all the segments of the company. The company has
also recently finished a buyback of 1.3lakh shares worth Rs80cr at an average price
of Rs6,200. We Initiate Coverage on the stock with a Buy rating.

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