CarTrade Tech jumped 6.30% to Rs 494.25 on bargain hunting after recent steep losses.
Shares of CarTrade Tech tumbled 13.78% in the past six sessions.The stock hit a 52-week high of Rs 735 on 29 July 2022. The stock hit a 52-week low of Rs 445 on 23 December 2022.
The stock had underperformed the market over the past one month, rising 2.46% compared with 1.40% fall in the Sensex.
The scrip outperformed the market in past one quarter, gaining 0.84% as against Sensex's 6.01% fall.
The scrip had underperformed the market in past one year, sliding 9.76% as against Sensex's 6.53% fall.
On the technical front, the stock's daily RSI (relative strength index) stood at 51.04. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
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On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 490.22 and 507.44, respectively. The stock was, however, trading below its 200 DMA placed at 570.70.
CarTrade Tech is a multi-channel auto platform with a presence across vehicle types and value-added services. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs, and other businesses to buy and sell vehicles in a simple and efficient manner.
CarTrade Tech's consolidated adjusted net profit rose 15% to Rs 24.05 crore on 9% increase in net revenue from operations to Rs 93.71 crore in Q3 December 2022 over Q3 December 2021.
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