Turtlemint Fintech Solutions shares gained as much as 5.46% intraday to Rs 146.50 on Thursday, extending the recent momentum in the newly listed insurance-tech stock. The stock was trading around Rs 144.49 later in the session, up about 4%, according to the intraday chart.
The buying interest comes shortly after Jefferies initiated coverage on Turtlemint with a Buy rating and a Rs 190 price target, citing the company's growth opportunity in India's insurance distribution market.
Turtlemint Fintech Solutions
Turtlemint Stock: Why Is The Market Taking Notice?
Jefferies expects Turtlemint's revenue to grow at a 38% CAGR over the next three years, with the brokerage pointing to the company's position in the point-of-sale-person insurance distribution segment as a key growth driver. Turtlemint is currently among the larger players in this market, giving it room to benefit as insurance penetration expands across India.
The latest move also follows a strong response to the company's first-quarter performance. Turtlemint reported a 40% year-on-year increase in revenue to Rs 294 crore for the June quarter, while its net loss narrowed 19% to Rs 37.9 crore.
Turtlemint IPO, Listing And Stock Performance
Turtlemint made its stock-market debut on June 29 following an Rs 883-crore IPO, which had an issue price of Rs 152 per share. The stock initially listed at a discount to the issue price.
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