CarTrade soars on large volumes

CarTrade Tech jumped 6.45% to Rs 669.55, amid strong volumes.

On the BSE, 28,588 shares were traded in the counter so far compared with average daily volumes of 16,890 shares in the past two weeks.

On the BSE, 3,62,527 shares were traded in the counter so far compared with average daily volumes of 1,74,496 shares in the past two weeks.

As per media reports, a foreign brokerage has initiated coverage on the stock with 'buy' rating and has reportedly ascribed a target price of Rs 770. It implies an upside of 22.42% from the scrip's yesterday's closing price of Rs 629.

The brokerage reportedly expects rising digital spends as a growth trigger. CarTrade's leading online portals such as CarWale, CarTrade and BikeWale are reportedly expected to aid growth.

It also sees potential for growth in Used Car business, the reports added.

CarTrade Tech is a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Its platforms operate under several brands: CarWale, CarTrade, ShriramAutomall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. Through these platforms (proprietary Websites/Apps), the company enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

The company reported a consolidated net loss of Rs 23.36 crore in Q3 FY22 as compared to a net profit of Rs 18.16 crore posted in Q3 FY21. Net sales rose 14.7% to Rs 88.78 crore in Q3 FY22 over Q3 FY21.

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