CarTrade Stock Surges by 11%, Hits New High of 974 on Strong Goldman Sachs Backing

CarTrade Share Price Surges by 11%!

🚗📈 CarTrade Technologies Ltd. is currently experiencing a strong surge in its stock price. The stock recently strengthened by 11%, trading at ₹943.05 with an increase of 11.08%.

📈🆕 Intraday, the share reached a new 52-week high of ₹974.

🤝🔝 Last week, the e-commerce company saw a 32% increase in its share price as Goldman Sachs increased its stake in the company.

👥💼 Goldman Sachs acquired an additional 106,116 equity shares in the open market, strengthening its position as a major shareholder in CarTrade.

📊📈 Following the acquisition, the stock is at its highest level since December 2021.

🤝💼 Goldman Sachs Asset Management BV stated in an exchange filing that they have increased their stake in CarTrade to 5.16% by acquiring 2.42 million shares until May 3, 2024.

🛒🚗 CarTrade is a multi-channel auto platform offering a wide range of vehicles and value-added services. The platform saw 70 million average monthly unique visitors in FY24.

📈💰 In Q4FY24, the company reported its highest quarterly revenue of ₹161 crore, a year-on-year increase of 38%. The post-tax profit (PAT) increased by 43% annually to ₹25 crore.

🔥🚀 The management attributes the strong performance to the acquisition of OLX India, which has strengthened the company’s leadership position.

👨‍💼👩‍💼 CarTrade platforms, including Carwale, OLX India, Shriram Automall, Bikewale, CarTrade Exchange, and Adroit Auto, facilitate easy and efficient buying and selling of vehicles for new and used car customers, dealerships, vehicle OEMs, and other businesses.

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