India's Rategain Travel hits record high as Q1 profit nearly triples

RateGain Travel Technologies

08/08/2023 10:03

** Shares of Rategain Travel Technologies  RATE.NS  surge as
much as 19.45% to a record high of 577.70 rupees
    ** Software solutions provider for hospitality and travel
industries posted consolidated net profit in June quarter that
nearly tripled to 249.1 mln rupees Y/Y
    ** June quarter numbers aided by strong performance from
recently acquired data exchange platform Adara, says Kotak
Institutional Equities
    ** Raises revenue estimates by 3-4% over fiscal 2024-2026
    ** Stock most active in 10 months, with trading volume of
5.2 mln shares as of 2:25 p.m. IST, 11.4 times the 30-day avg -
Refinitiv data
    ** Relative strength index of RATE has been above 70 since
Monday
    ** RATE up 83% in 2023 so far, compared to nearly 8% rise in
benchmark Nifty 50 index  .NSEI 

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