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IndiaMART InterMESH advanced 3.22% to Rs 1,747.15, extending recent gains on strong buying support.
Shares of IndiaMART InterMESH soared 9.35% in five trading sessions to its current market price of Rs 1,747.15, from a recent closing low of Rs 1,597.65 on 11 September 2019.
The stock entered stock exchanges on 4 July 2019 and was listed at Rs 1180, a premium of 21.27% to the initial public offer (IPO) price of Rs 973. On that day, it settled at Rs 1302.55 on BSE, a premium of 33.87% over the IPO price.
The stock is up 79.56% currently compared to its IPO price. It is up 48.06% compared to debut price of Rs 1180.
Last week, a domestic brokerage had given a ‘buy’ rating on IndiaMART InterMESH with a target price of Rs 1,900.
The brokerage said IndiaMART is set to sustain strong growth momentum as businesses are increasingly leveraging online channels for efficient procurement. The brokerage added that it sees value in the stock owing to high entry barriers, network effect-driven pricing power, and negative working capital.
On BSE, 11,000 shares were traded in IndiaMART InterMESH counter, compared to a 2-week average of 29,000 shares. The stock hit an intraday high of Rs 1,782, which is also a record high for the counter. The stock hit an intraday low of Rs 1,695.15. It hit a 52-week low of Rs 952 on 28 August 2019.
On a consolidated basis, IndiaMART InterMESH reported net profit of Rs 32.40 crore in Q1 June 2019 compared with net loss of Rs 56.40 crore in Q1 June 2018. Net sales jumped 30% to Rs 147.30 crore in Q1 June 2019 over Q1 June 2018.
IndiaMART InterMESH is an Indian online B2B marketplace. It is a platform to integrate buyers and sellers through business solutions and connects sellers and buyers globally.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)