Indiamart Intermesh hits 18-month high on earnings boost

IndiaMART InterMESH

21/07/2023 06:16

** Shares of Indiamart Intermesh  INMR.NS  rises as much as
8.50% to an 18-month high of 3,146.95 rupees
    ** Uptick after company's June quarter net profit doubled
Y/Y; revenue from operations jumps 26% 
    ** INMR also approves share buyback worth up to 5 bln rupees
at 4,000 rupees apiece
    ** Stock most active in 18 months, with trading volume of
1.48 mln shares as of 10:37 a.m. IST, ~7 times the 30-day avg -
Refinitiv data
    ** Of the 16 analysts tracking INMR, seven maintain "strong
buy", five suggest "buy", one recommends "hold", two retain
"sell" and one maintains "strong sell"; median TP is 3,075
rupees
    ** Stock up 45% in 2023 vs 9% rise in Nifty 50  .NSEI 


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))