India, Sept. 22 -- Shares of insurtech company Turtlemint soared 9% to touch an intraday high of Rs.142.90 apiece on the BSE today. The shares pared some of the gains later, closing 6.6% higher at Rs.139.75 apiece. At the time, Turtlemint's market capitalisation stood at Rs.4,115.34 Cr ($431 Mn).

The rally today comes days after brokerage Motilal Oswal initiated a "buy" rating for the stock and set a price target (PT) of Rs.180 on the stock. This implies a 22% upside from today's close.

Motilal Oswal said that the PoSP-driven premiums are growing at nearly twice the industry rate. The company, with its presence across 19,186 pin codes, is well-positioned to capture this opportunity.

The brokerage further said, "While we expect 1.3-1.5 ...