Indiamart surges to 8-month high after Nuvama upgrades to 'Buy', hikes PT

IndiaMART InterMESH

25/06/2025 05:32

** Shares of India's B2B online marketplace Indiamart Intermesh INMR.NS rise 5.3% to 2,626 rupees, their highest since October 21, 2024
** Brokerage Nuvama upgrades INMR to ‘BUY' from ‘REDUCE’, citing improvement in traffic on entering a new demand upcycle
** Increases target price from 2,100 rupees to 3,800 rupees, an upside of ~45% from last close
** Adds, co's initiatives such as changes to platform, marketing and branding investments to attract buyers,  lead to higher unique business inquiries, followed by a rise in net new subscriber addition
** Raises earnings estimates by ~9%/10% for FY26 and FY27 each, driven by higher revenue growth
** YTD, shares have gained ~11%

(Reporting by Yagnoseni Das in Bengaluru)

((Yagnoseni.Das@thomsonreuters.com))