India, Aug. 21 -- Shares of Turtlemint rose as much as 5.7% to hit an intraday high of Rs.152.80 apiece on the BSE after Jefferies initiated coverage on the company with a 'Buy' rating and a price target of Rs.190.

The shares pared some of the gains later, trading 3.3% higher at Rs.149.40 apiece at around 13:27 IST. At the time, Turtlemint's market capitalisation stood at Rs.4,405.40 Cr (about $460 Mn) at the time.

Giving its rationale for the strong rating, Jefferies said that Turtlemint is well placed to benefit from its growing Point-of-Sales-Person (PoSP) channel. The company's PoSP vertical accounts for around 6% of insurance premiums sold across India, as per the brokerage.

The recently-listed insurtech company's revenue is expec...