India, Aug. 3 -- Shares of Urban Company surged as much as 17.7% to Rs.152.20 apiece on the BSE today after Morgan Stanley upgraded the stock to 'Overweight', citing improving growth in its core India consumer services business and international operations despite continued investments in InstaHelp.

The stock later pared some gains amid profit booking to trade 13% higher at Rs.146.70 apiece at 10:26 IST. The company's market capitalisation stood at Rs.22,623.7 Cr (about $2.3 Bn) at the time.

Morgan Stanley upgraded Urban Company to 'Overweight' from its earlier rating and raised its target price to Rs.165 from Rs.128.

The brokerage said the company's core India consumer services business and international operations are witnessing impr...