India, July 30 -- Shares of Ather Energy jumped almost 4% to INR 358.05 in the morning trade on the BSE after HSBC initiated coverage on the electric two-wheeler manufacturer with a 'Buy' rating.

The brokerage gave Ather a target price (TP) of INR 450, a 30% upside from its last closing price.

Calling it a good company in a tough industry, the brokerage report said that Ather's product quality and technology leadership are difficult to replicate even for rivals with deep pockets.

After the surge in its stock price, Ather's market capitalisation stood at INR 12,695.29 Cr with more than 20 Lakh shares traded hands on the exchanges by 12:47 PM.

The stock also jumped on the back of the Department for Promotion of Industry and Internal Tra...