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Groww shares took centre stage on Dalal Street in Friday's trade after foreign brokerage Jefferies added the stock to its coverage universe, giving a thumbs up to the Bengaluru-based financial services firm's growth in its broking unit and new initiatives, and margin expansion prospects. The Groww stock has risen more than 23 per cent since its entry into the secondary market in November.

The Rs 180 target by Jefferies indicates a further upside of nearly 25 per cent from Thursday's closing price.

According to Jefferies, Groww has several levers that can drive an earnings per share (EPS) CARG of 35 per cent over over the FY26-FY28 period.

The foreign brokerage is betting big on the Bengaluru-headquartered company's operating efficiency prospects.

The brokerage expects Groww's to register:

Jefferies pointed out that Groww has established itself as the country's largest broker by active clients in a short period since starting operations in FY21.

On Friday, Groww shares surged by as much as Rs 18.9 -- or 13.1 per cent -- to Rs 163 apiece on BSE, their biggest intraday jump this month.

At 1:45 pm, the stock was holding on to much of its intraday gain, trading 11.8 per cent higher at Rs Rs 161.1 apiece.

The stock trades on bourses BSE and NSE with the symbol 'GROWW'.

Asset management company and brokerage stocks spiked this week after capital market regulator SEBI announced a number of changes to mutual fund rules and brokerage caps.

Most market experts say the changes are largely along expected lines.

Billionbrains Garage Ventures -- the parent company of online stockbroking platform Groww -- debuted on Dalal Street at a premium of 14 per cent over its issue price of Rs 100 apiece.

Its Rs 6,632-crore IPO received an overwhelming response from investors, reflected in an overall subscription of almost 18 times the equity on offer.