India, June 16 -- Brokerage firm HDFC Securities has initiated coverage on recently listed electric two-wheeler maker Ather Energy with 'Buy' rating.

HDFC sets the target price for EV startup at INR 409, a 30% uptick from its last closing price (May 13) on the BSE.

Following the rating, Ather Energy's stock surged 2.32% to trade at INR 320.90 on the BSE during intraday trading today.

With an increase in its share price, the startup's market capitalisation stood at INR 11,892.64 Cr at 2:38 PM with more than 5 Lakh shares exchanged hands by then.

In the last one month, the stock has surged 1.24% at the time of writing and ended in green in five out of the last seven sessions.

However, it has lost 3.8% since its listing on May 6 as of i...