Turtlemint jumps 5% after Jefferies 'buy' call with ₹190 target
Turtlemint's shares got a nice boost, up 5% on Thursday, after Jefferies called it a "buy" and set a price target of ₹190 per share.
That's 36.7% higher than Wednesday's closing price.
The buzz comes as Turtlemint keeps growing its presence in India's insurance scene.
Turtlemint holds 20% POSP market share
Turtlemint is now the third-biggest player in India's POSP (point-of-sale person) insurance channel, holding a solid 20% market share.
The company has been using tech and its granular POSP network to drive better profitability on a smaller base, posting an impressive 38% revenue growth over three years.
In its first quarter, revenue jumped 40%, losses narrowed, and analysts think Turtlemint could soon turn profitable as it scales up, even though its stock is still trading below IPO price for now.