CarTrade Tech‘s share price jumped over 6% on Tuesday to hit an intraday high of ₹518, halting the six-session losing streak.
What Happened: Shares of the company are upbeat today as global brokerages remain strongly bullish on the stock. Citi maintained its ‘buy’ rating on the stock with a price target of ₹624. Nomura also maintained its ‘buy’ rating on the stock with a target price of ₹678, indicating an around 40% upside from the stock’s last closing price of ₹486.30.
Citi said that following the acquisition of OLX‘s India auto business, CarTrade Tech’s classified business will jump 2x to ₹370 crore. Nomura said that while the acquisition may result in near-term pressure on account of transition costs, but has good medium-term potential for value creation.
Price Action: CarTrade Tech’s share price was up 4.82% to trade at ₹509.75 in early trade on Tuesday.
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