India, Oct. 6 -- Shares of Meesho rose 6.1% to an intraday high of Rs.240.40 apiece on the BSE after Jefferies maintained its 'Buy' rating on the ecommerce company with a target price of Rs.240.

At 12:00 IST, the stock had pared some gains to trade 5.8% higher at Rs.239.70 apiece, giving Meesho a market capitalisation of Rs.1.10 Lakh Cr (about $11.5 Bn). The day's high briefly took the stock above the brokerage's target price.

Jefferies cited Meesho management's expectation of a 25% CAGR in net merchandise value (NMV) over the next five years, driven by user growth, higher order frequency, and improving logistics efficiencies.

The brokerage said improving contribution margins, potential opportunities in financial services, and growing ...