Meesho m-cap tops ₹1 lakh cr in 7 sessions

Mumbai: E-commerce marketplace Meesho's market capitalisation crossed the ₹1 lakh crore mark on Thursday, within seven sessions of its listing Shares of the company ended 8.2% higher at ₹234 on Thursday, after rallying 20%--the day's highest tradeable limit--the previous day. Meesho's market capitalisation was at ₹1,05,607 crore on Thursday, up 37% from ₹76,926 crore on December 10, the day of its listing. Brokerage UBS on Wednesday initiated coverage on Meesho with a 'Buy' rating and a 12-month price target of ₹220 per share. UBS' note said that Meesho's focus on lower and middle-income consumers in India's Tier 2 and 3 cities provides a growth runway as online adoption accelerates among these consumers. "The company's asset-light, negative working capital business model has also ensured positive cash flows, unlike other Internet businesses," said the report.