New Delhi, Sept. 15 -- Brokerage firm ICICI Securities has initiated coverage on a non-banking financial company (NBFC) stock with a "buy" recommendation, anticipating a solid upside of as much as 59%.

The NBFC stock, Aye Finance, which has delivered a solid return of more than 80% in the last six months, appears to be ready for a further rally due to a formidable presence in India's mass-affluent lending market, according to the brokerage firm.

Aye Finance shares have surged 82% over the last six months, according to BSE data. It hit a 52-week high of Rs.197.95 on 21 July after hitting a 52-week low of Rs.88.40 on 2 April this year.

In intraday trade on Tuesday, 15 September, the stock jumped more than 5%, despite stock market volatil...