Block deal effect: CarTrade Tech shares fall, log highest turnover on BSE  

Shares of CarTrade Tech slipped over 3% in early deals today as 71 lakh shares or 15.1 percent equity in changed hands in a block deal today. The deal was carried out at an average price of Rs 828 per share. The size of the deal was Rs 588.3 crore changed hands in a block deal on June 24, according to reports.

Two shareholders Highdell Investment and MacRitchie Investments Pte would be selling a combined up to 13 per cent stake in the company, reports said. 

However, buyers and sellers in the deal were not immediately known.

CarTrade Tech shares fell 3.4% to Rs 827.75 against the previous close of Rs 856.90 on BSE.

Market cap of the firm slipped to Rs 3,916.70 crore. The firm saw 78.17 lakh shares changing hands amounting to the highest turnover of Rs 647.65 crore on BSE.  

The share hit a 52-week high of Rs 974 on May 8, 2024 and a 52-week low of Rs 470.25 on June 23, 2023. 

In terms of technicals, the relative strength index (RSI) of CarTrade Tech stands at 55.8, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 0.4, indicating low volatility in a year. CarTrade Tech shares are trading lower than the 5 day, 20 day, 30 day but higher than the 50 day, 100 day and 200 day moving averages.

CarTrade Tech shares have gained 73.43% in a year and risen 15% in 2024.

The e-retail firm clocked a 50% rise in net profit for the quarter ended March 2024. Profit climbed to Rs 22.5 crore in the last quarter against Rs 15 Crore profit on a YoY basis. Revenue rose 51.4% to Rs 145.3 crore in Q4 against Rs 96 Cr revenue on a YoY basis.

EBITDA climbed to Rs 27.4 Cr in Q4 against Rs 11.6 Cr on a YoY basis. EBITDA margins climbed to 18.9% in Q4 against 12.1% on a YoY basis.

Cartrade Tech operates an automotive digital ecosystem which connects automobile customers, OEMs, dealers, banks, insurance companies and other stakeholders. The Company owns and operates under several brands: CarTrade, CarWale, and AutoBiz.