Shares of KFin Technologies surged up over 14% on Friday to hit a new 52-week high of ₹439.70.

What Happened: Shares of the financial services company are surging as Jefferies initiated coverage on the stock with a “buy” rating. The global research firm has a price target of ₹500 on the stock, which indicates an around 30% upside from the stock’s last closing price of ₹384.45.

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The firm said that the company’s growth opportunities in the domestic market are riding on the back of its growing market share and the financialisation of savings. The firm also notes that the company has registered healthy growth in cash flows and profits.

The Goldman Sachs-backed company’s profits grew by 16% to ₹43.4 crore in the June quarter from the ₹37.5 crore profit it booked in the same quarter last year. As per the latest shareholding data, Goldman Sachs India Equity Fund owns a 1.07% stake in the company.

Price Action: KFin Tech’s share price was up 14.22% to trade at ₹439.10 in early trade on Friday.

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