IndiaMART InterMESH shares jumped on Tuesday with large volume after JM Financial retained a ‘buy’ rating on the stock
IndiaMART InterMESH shares surged with high volume on Tuesday after JM Financial retained a ‘buy’ rating on the stock with a target price of Rs 5,100. The IndiaMART stock finished the day with a gain of 5.1 percent at Rs 5,074.3 apiece on BSE, after rising to as high as Rs 5,138.7 during the session.
A total of 52,000 IndiaMART shares changed hands on Tuesday, as against a daily average of 13,000 in the past two weeks, according to exchange data.
At the current level, the stock has retreated 47.7 percent from a 52-week high scaled in October 2021.
A ramp-up of sales is needed for the stock to deliver good growth in the near to medium term, according to the brokerage.
Hemang Jani, the Retail Equity Strategist at Motilal Oswal Financial Services, is positive on IndiaMART InterMESH shares.
In an interaction with CNBC-TV18 on Monday, he said the recent rise in IndiaMART follows a correction in the past 3-4 months and comes amid renewed buying interest in the startup theme.
Last week, BofA Securities retained an ‘underweight’ rating on IndiaMART with a target price of Rs 3,285 citing risks to estimates on rising costs. The brokerage also said that the company’s margin will be muted in Q4 on the back of employee expenses.