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Shares of Ather Energy jumped almost 4% to INR 358.05 in the morning trade on the BSE after HSBC initiated coverage on the electric two-wheeler manufacturer with a ‘Buy’ rating.
The brokerage gave Ather a target price (TP) of INR 450, a 30% upside from its last closing price.
Calling it a good company in a tough industry, the brokerage report said that Ather’s product quality and technology leadership are difficult to replicate even for rivals with deep pockets.
After the surge in its stock price, Ather’s market capitalisation…
