India, July 8 -- Shares of contract manufacturer Aequs surged as much as 12% to hit an all-time high of Rs.271 apiece on the BSE after brokerage Nuvama Institutional Equities initiated coverage on the stock with a bullish outlook.

The stock later pared gains amid profit booking and was trading 6.12% higher at Rs.257.60 apiece at 11:57 IST. The company's market capitalisation stood at Rs.17,276.35 Cr (about $1.8 Bn) at the time.

Shares of Aequs have gained around 12% over the past two trading sessions and are up 87% year to date.

The latest rally came after Nuvama initiated coverage on the aerospace contract manufacturer with a 'Buy' rating and a 12-month target price of Rs.444, implying an upside of over 90% from July 6's (Monday) clos...