IndiaMART InterMESH jumped 4.7% to Rs 3,685, extending gains for seventh consecutive trading session.
Shares of IndiaMART InterMESH have surged 26.2% in seven trading days from their previous closing low of Rs 2,919.75 hit on 14 August 2020. The counter hit a record high of Rs 3,883 in intraday trade today.On the technical front, the stock's RSI (relative strength index) stood at 84.859. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is currently trading above its 50-day, 100-day and 200-day simple moving averages placed at 2556.86, 2419.35 and 2304.19 respectively. These levels will act as crucial support levels in near term.
The company's consolidated net profit jumped 128.7% to Rs 74.1 crore in Q1 June 2020 from Rs 32.4 crore posted in Q1 June 2019. Net sales rose 3.94% year on year (y-o-y) to Rs 153.10 crore in Q1 June 2020. The revenue was primarily driven by marginal improvement in realization of existing customers. Number of paying subscription suppliers were same as last year due to the challenging economic and market conditions amidst the Covid-19 pandemic. Consolidated deferred revenue grew by 3% to Rs 628 crore in Q1FY21 from Rs 610 crore in Q1FY20.
IndiaMART is India's largest online B2B marketplace for business products and services. It is a platform that connects buyers and sellers across borders and time-zones through business solutions.
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