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Cartrade Tech surges 6%, hits 52-week high after Mirae Asset MF buys stake
Source: Business Standard
Cartrade Tech share price today scaled up to 6.02 per cent, hitting its 52-week high at Rs 1,034 a piece on the BSE in intraday deals. The stock of the company soared after Mirae Asset Mutual Fund purchased 3.02 million shares, representing a 6.4 per cent stake in a block deal on Tuesday.
At 02:22 PM, Cartrade Tech stock price was up 3.85 per cent at Rs 1,012.75 per share on the BSE. By comparison, the BSE’s Sensex was up by 0.04 per cent at 84,944.02 level.
Highdell Investment, owned by US private equity firm Warburg Pincus, has sold its entire 8.64 per cent stake in Cartrade Tech for over Rs 375 crore through an open market transaction. Cartrade Tech is one of India’s largest online classifieds and auto auction platforms. According to the National Stock Exchange (NSE), Highdell sold 4.076 million shares at an average price of Rs 920.30 each, totaling Rs 375.16 crore.
Mirae Asset Mutual Fund is an asset management company (AMC) that offers mutual funds and is a subsidiary of the South Korean financial services company Mirae Asset Financial Group.
Earlier in June, Warburg Pincus sold an 8.66 per cent stake in Cartrade Tech for Rs 337 crore.
On the financial front, its total revenue increased 46 per cent to Rs 156.36 crore during the June quarter of financial year 2024-25 (Q1FY25) from Rs 106.91 crore in the corresponding period a year earlier. Meanwhile, the company recorded a profit of Rs 22.90 crore in the June quarter of FY25, up 69 per cent against Rs 13.51 crore in the same quarter of FY24.
Cartrade Tech has a total market capitalisation of Rs 4,790.32 crore. Its shares are trading at a price to earnings multiple of 107.78 times with an earning per share of Rs 9.05.
The company’s shares have appreciated 87 per cent in the last one year versus 28.6 gain of BSE Sensex.
First Published: Sep 25 2024 | 2:36 PM IST
