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Shares of this e-commerce stock under the ‘small-cap’ category jumped approximately 8 percent in Monday’s trading session after ICICI Prudential Mutual Fund, on 28th March 2024, bought a stake in the company via a Bulk Deal. 

With a market capitalization of Rs 3,220.02 crores, the stocks of CarTrade Tech Limited opened their trading hour on Monday at Rs 638.75 and currently trades at Rs 686.75, gaining around 8 percent compared to the previous closing levels of Rs 637.35 apiece. 

Such bullish movements in the retail company’s share price were observed after “ICICI Prudential Mutual Fund – India Opportunities Fund” bought a stake in the company last week. 

As per the data available with the National Stock Exchange (NSE), the Mutual Fund, on 28th March 2024, bought approximately 5.93 lakh equity shares of the company at an average trading price of Rs 640 per equity share. 

As per the shareholding pattern data available for the quarter ended December 2023, ICICI Prudential Mutual Fund, under their “Technology Fund”, already holds around 5.20 lakh equity shares of CarTrade Tech Limited equivalent to a 1.11 percent stake. 

On the other end, Springfield Venture International, one of the existing Foreign Institutional Investors (FIIs) present in the company, sold nearly 6.31 lakh equity shares at an average trading price of Rs 640.04 per share. As of the December 2023 quarter, the FII party already held around 16.43 lakh equity shares of the company equivalent to a 3.51 percent stake. 

During the recent financial quarters, the company’s primary business parameters, i.e., its operating revenues as well as after-tax profits, showed movements in opposing directions. 

The former, on one side, jumped from Rs 120 crores during Q2FY24 to Rs 139 crores during Q3FY24, and the latter, on the other end, dipped from profits of Rs 5 crores to losses of Rs 24 crores due to increased cost pressure. 

CarTrade Tech Limited is a multi-channel auto platform provider operating under various brands such as CarWale, CarTrade, BikeWale, CarTradeExchange, AutoBiz, etc. The company offers a variety of solutions across automotive transactions for buying, selling, financing, marketing, and other activities.

Written by Amit Madnani 

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