India's Cartrade Tech jumps nearly 17% on Sobek Auto India acquisition

CarTrade Tech

11/07/2023 05:13

** Shares of Cartrade Tech Ltd  CART.NS  rise as much as 16.8% to 569.15
rupees, highest since Oct 28, 2022
    ** Multi-channel auto platform company on late Monday said it will acquire
100% stake in Sobek Auto India Pvt Ltd from its holding company OLX India B.V
for 5.37 bln rupees ($65.2 mln)
    ** More than 800,000 shares change hands by 09:27 a.m. IST, 3x its 30-day
avg 
    ** Five of the 6 analysts covering the stock have rated it "buy" or "strong
buy", while 1 rates it at "sell"; median PT is 700 rupees - Refinitiv data
    ** Stock up ~4% YTD, as of last close


($1 = 82.4100 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com))