IndiaMart shares get Rs 3,800 target price, stock jumps 6%

IndiaMart Intermesh shares surged 6% to Rs 2,650 after Nuvama Institutional Equities upgraded the stock to Buy from Reduce and raised the target price to Rs 3,800. Citing a new demand upcycle, the brokerage highlighted valuation comfort with the stock trading at 28x forward P/E, well below its historical average of 45x, despite a 3% YoY decline.