India's CarTrade Tech reverses course after six sessions of losses

CarTrade Tech

22/08/2023 05:54

** CarTrade Tech  CART.NS  up ~5% at 510.20 rupees, on pace
to post gains after six-session losing streak
    ** Since gaining after the online auto retailer's results on
Aug. 10, the stock has lost 9.3% in past six sessions
    ** Post CART's call on Mon with analysts/investors, Nomura
say CART's acquisition of Sobek Auto India will nearly double
business scale; keeps "buy" and TP of 678 rupees
    ** 5 of 6 brokerages covering the stock rate it the
equivalent of "buy" or "strong buy" median PT is 689 rupees
    ** Stock now up ~9% YTD after tumbling 45% last year

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))