CarTrade Tech Surges Over 2% Following Rs 381.52 Crore Block Deal: Highest Trading Volume Since Listing

CarTrade Tech, a multi-channel auto platform with a wide presence across vehicle types and value-added services, has caught the market’s attention with a significant surge in stock price and trading volumes. The company, operating well-known platforms like CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and OLX India, plays a pivotal role in connecting customers, dealerships, and OEMs within the automotive digital ecosystem.

Block Deal Sparks Interest

On Tuesday, CarTrade Tech’s stock surged by over 2%, reaching Rs 996.50 per share on the National Stock Exchange (NSE). What makes this surge even more remarkable is the volume of shares traded. The stock saw over 61 lakh shares traded on NSE—the highest single-day volume since its listing. This dramatic increase in trading volume is linked to a block deal that took place earlier in the day.

Details of the Rs 381.52 Crore Block Deal

At 9:21 am, a substantial block trade worth Rs 381.52 crore was executed on NSE, involving 41,15,177 shares at a price of Rs 927.10 per share. Despite the stock briefly dipping to an intraday low of Rs 905.55, it quickly recovered and continued its upward momentum. It is important to note that the identities of the buyers and sellers involved in the transaction are not known at this time.

Stock Performance and 52-Week High

In recent months, CarTrade Tech has demonstrated impressive stock performance. On September 20, 2024, the stock reached a 52-week high of Rs 1,019, contributing to a strong 17.7% gain in the month of September alone. Year-to-date in 2024, the stock has surged nearly 40%.

Strong Financial Growth and Market Presence

CarTrade Tech’s robust performance is not limited to the stock market. The consumer group posted an impressive 20% year-on-year growth in FY24, significantly outpacing the overall automotive industry growth rate of 8%. Key drivers of this growth include increased digital advertising spend and the digital transformation of dealerships and manufacturers.

Over the past three years, CarTrade Tech has achieved a Compound Annual Growth Rate (CAGR) of 26% in revenue and a 48% CAGR in EBITDA. This strong financial growth underscores the company’s disciplined execution and relentless focus on delivering value across its platforms. CarTrade Tech remains committed to building on this momentum as it continues to connect stakeholders in the automotive ecosystem.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.