India, Sept. 8 -- Shares of travel tech major TBO Tek surged 9.4% to an intraday high of INR 1,687 today after brokerage firm Jefferies raised its price target for the company.

At 13:40, the stock was trading 5.3% higher at INR 1,624.25 on the BSE. Its market capitalisation stood at INR 17,622.17 Cr (about $2 Bn). Nearly 10 Lakh shares were traded by then.

Jefferies maintained its 'Buy' rating on the company and raised the target price to INR 1,800, up 17% from INR 1,625 earlier. The brokerage firm gave an upside scenario of INR 2,100 and a downside scenario of INR 1,400.

It highlighted TBO's recent $125 Mn acquisition of Classic Vacations, a US-based premium luxury travel company. The deal will strengthen TBO Tek's presence in the US ...