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News Topical, Digital Desk : Shares of Groww's parent company, Billionbrains Garage Ventures Ltd., saw a strong rally on Friday, jumping more than 5% to a new all-time high of ₹197, extending their upward trend for the third consecutive day.
This rally was supported by strong trading volumes, with nearly 30 million shares traded in the first two hours of trading, reflecting growing investor interest.
The stock has been bullish recently due to positive reports from brokerages. Last month, JPMorgan gave the stock an "Overweight" rating with a target price of ₹210, calling it one of the most attractive consumer internet platforms listed in India.
According to the brokerage, the company's steadily increasing market share, strong presence among new investors, and cross-selling capabilities could propel it ahead of industry growth. Meanwhile, UBS has given the stock a "Neutral" rating and set a target price of ₹185.
Technical Indicators and Analyst Views
Technically, the stock's RSI has reached 68.6, which is considered close to the overbought zone. However, analyst sentiment remains positive. Five out of seven analysts have a "Buy," one has a "Hold," and one has a "Sell."
On Friday, the stock was trading at ₹192.36, up nearly 3%. The stock has returned over 22% over the past month. Strong fundamentals and growing demand for digital investment platforms could boost Groww's momentum going forward, although caution is warranted at higher levels.
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