Following Indiamart's Q1 results, Bloomberg consensus target now stands at Rs 2,095.11, implying 11 per cent potential upside. The stock has 10 Buy calls, six 'Sell' recommendations and two 'Hold' ratings.
Brokerage firm JM Financial noted that while Busy Infotech continued to drive growth with billings expanding nearly 60 per cent, the core standalone collections also saw an acceleration to 14 per cent YoY.
The last time the counter witnessed a similar spike was on July 21, 2023, when the stock settled 8.72 per cent higher at Rs 3,152.10 on the BSE.
IndiaMART InterMESH settled at Rs 2,500 apiece on Tuesday. Nuvama's fresh target price suggests 52 per cent upside over this price.
IndiaMart continued to report elevated churn in the silver category despite last six quarters of efforts, said Nuvama Institutional Equities.
Indiamart Intermesh: The stock has seen significant de-rating due to a sharp deceleration in collections growth in the September quarter and muted paying supplier additions over the past six quarters.
Indiamart Q3: Kotak cut its FY24-26 EPS by 3 per cent to bake in lower supplier addition. It assumed weaker longer-term margins due to continued investments needed to keep the platform relevant.
Stocks that share market analysts recommended on August 1, 2023: Stock brokerages have come out with research reports on select stocks namely GAIL India, Bharat Electronics, Indiamart, IDFC First Bank. Here's what brokerages said about these counters.
Indiamart Intermesh has approved buyback of 12.5 lakh Indiamart Intermesh shares at a price of Rs 4,000 apiece for an aggregate amount not exceeding Rs 500 crore
Indiamart share buyback: JM Financial expects promoters to participate in the buyback offer. Given the buyback size, it will require shareholders’ approval, the brokerage said.
Indiamart Intermesh shares rose 5.18 per cent to hit a high of Rs 2,997.20 on BSE. The stock hit a 52-week high of Rs 3,050.65 on May 5.
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