India, April 15 -- Shares of Groww surged as much as 9.37% during the intraday trading today, hitting a fresh 52-week high of Rs.212.95 on the BSE after Bank of America (BoFA) initiated coverage on the stock with a 'Buy' rating.

The stock later pared some gains and was trading 6.21% higher at Rs.206.80 at 11:26 IST, with the company's market capitalisation at Rs.1.29 Lakh Cr (about $13.92 Bn).

BoFA initiated coverage on Groww with a price target of Rs.235, implying a 21% upside from the last close. It said Groww is strongly positioned to benefit from India's retail investing tailwinds and projected a 30% revenue CAGR over FY26-FY28.

The brokerage also underscored Groww's "best-in-class" profitability, with further upside expected from ...