Shares of CarTrade extended gains for the second consecutive session and jumped over 3% to hit a fresh 52-week high at INR 1,339.10 apiece on the BSE today (November 26)
On a year-to-date basis, the stock has rallied over 83%, significantly outperforming benchmark equity index BSE Sensex, which has climbed nearly 11% over the same period
At the time of writing this article, the company’s market capitalisation stood at INR 6,202.3 Cr (about $734 Mn)
Shares of CarTrade
extended gains for the second consecutive session and jumped over 3% to hit a fresh 52-week high at INR 1,339.10 apiece on the BSE today (November 26).
However, the stock pared some of the gains later and was trading 1.85% higher at INR 1,316.15 on the BSE at 11:25 AM.
The stock has ended in green in 11 out of the last 15 trading sessions.
On a year-to-date basis, the stock has rallied over 83%, significantly outperforming benchmark equity index BSE Sensex, which has climbed nearly 11% over the same period.
At the time of writing this article, the company’s market capitalisation stood at INR 6,202.3 Cr (about $734 Mn).
The upswing in the stock’s price despite a decline in the broader Indian equities market, with BSE Sensex and Nifty both slipping into the red in early morning hours. While the 30-share Sensex dipped 0.3% to hit an intraday low of 79,899.90, Nifty fell 0.25% to hit the day’s low at 24,160.05.
Founded in 2009 by Vinay Sanghi and Rajan Mehra, CarTrade facilitates the sale of both new and used vehicles. It operates brands like OLX India, CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz. It also provides technology solutions to OEMs and dealers.
CarTrade competes with major players like CarDekho, Droom, and CARS24 in India’s rapidly growing online automotive classifieds market.
Shares of CarTrade have been on an upward trend since the company disclosed strong financial numbers for the quarter ended September 30, 2024. CarTrade saw its consolidated net profit zoom 509% to INR 30.72 Cr in Q2 FY25 from INR 5.04 Cr in the same period last year.
Operating revenue surged over 28% to INR 154.20 Cr during the quarter under review from INR 120 Cr in Q2 FY24.
Last month, Goldman Sachs Asset Management increased its shareholding in CarTrade to 7.19% from 5.15% at the end of the June quarter.
The development came on the heels of private equity firm Warburg Pincus offloading its entire 8.64% stake in the auto marketplace for INR 375.1 Cr.
In August, CarTrade expanded the size of its employee stock option plan (ESOP) by allocating an additional 50,000 shares to its employees.
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