India, Sept. 22 -- Shares of ecommerce major Meesho surged as much as 9.3% during the intraday trading after brokerage UBS maintained its 'Buy' rating on the stock and raised its target price to Rs.260 from Rs.210.

The stock touched an intraday high of Rs.239.45 on the BSE. It was trading 8.9% higher at Rs.238.55 at 11:25 IST.

At the current price, UBS' revised target implies a further upside of around 9%. Meesho's market capitalisation stood at Rs.1.10 Lakh Cr (around $11.5 Bn).

The brokerage raised its net merchandise value (NMV) estimates for Meesho for FY29-FY31 by 7%-18%, along with a similar increase in its contribution profit projections. It also increased its EBITDA estimates for the period by 20%-40%.

UBS attributed its highe...