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Shares of CarTrade Tech, the owner of OLX India, surged 4.41 per cent to hit a 52-week high of Rs 1,440 on the National Stock Exchange (NSE) during intra-day trading on Thursday, December 5, 2024. This level also marks a 3-year high for the stock, while its all-time high stands at Rs 1,618.
Nearly 0.28 million shares of CarTrade Tech, worth approximately Rs 40 crore, have been traded on the NSE and BSE combined so far today. So far this year 2024, the company's stock has nearly doubled investors' money with a rally of 96 per cent year-to-date.
Thursday's rally comes on the back of the company’s announcement that its business platforms, including CarWale, BikeWale, and OLX India, have surpassed 150 million unique annual users. Over 90 per cent of this traffic is generated organically, highlighting strong consumer engagement.
“The surge in user engagement has been a key driver of our revenue growth. This festive season has further boosted the company’s financial performance,” CarTrade Tech said in a statement.
Aneesha Bhandary, chief financial officer of CarTrade Tech, said, “Our asset-light model, combined with organic growth strategies, has led to remarkable profitability while staying true to our commitment to innovation and customer satisfaction. We are excited to sustain this momentum and drive further growth across all our business verticals.”
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CarTrade Tech, originally incorporated as Kaymo Fastener Company on April 28, 2000, operates as a multi-channel automotive platform. It offers a wide range of solutions across the vehicle transaction lifecycle, including buying, selling, marketing, valuation, and financing of new and used cars, two-wheelers, commercial vehicles, and farm and construction equipment. Its brand portfolio includes CarTrade, CarWale, and AutoBiz, along with OLX India, which it acquired in 2023.
The company’s market capitalisation stands at Rs 6,728.14 crore on the NSE.
As of 1:37 PM on Thursday, shares of CarTrade Tech were trading at Rs 1,422.40, up 3.14 per cent from the previous close of Rs 1,379.20.
Meanwhile, the broader equity indices were also trading higher, recovering from early losses. The BSE Sensex was at 81,542.08, down 585.75 points or 0.72 per cent, while the NSE Nifty stood at 24,636.25, up 168.80 points or 0.69 per cent.
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