Indiamart surges 6% as Nuvama turns bullish, lifts target to Rs 3,800, brokerage sees subscriber revival

IndiaMart Intermesh shares surged after Nuvama Institutional Equities upgraded the stock to ‘Buy,’ anticipating a demand upcycle. The brokerage expects improved traffic, increased subscriber additions, and accelerated collection growth, leading to revised earnings estimates. Nuvama also noted structural reforms and a shift in platform dynamics, contributing to the optimistic outlook and a raised target price of Rs 3,800.