Quote on Cartrade IPO debut by Mr. Yash Gupta, Angel Broking Ltd
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Below is quote on Cartrade IPO debut by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
Cartrade IPO debut at ₹1600, down by 1.2%.
Cartrade IPO got listing today at ₹1600, which is down by 1.2% from the IPO price and now trading at ₹1503, which is down by 7.1% from the IPO price. We suggest investors who have received the allotment hold the share for a short time as we expect the stock to show some recovery in the near future. We are not recommending investors to do fresh buying in the stock. Currently, the company is trading at price to earnings of 68 times, the company has reported improvement in financial performance in the last 3 years. In the times of covid pandemic company's net profit has increased from ₹31 crores in FY2020 to ₹101 crores in FY2021.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
