Zerodha Broking makes Rs 4.82 crore in this new-age small-cap tech company, as its stock jumps 18 per cent!
But let's fast forward to Tuesday, where an unexpected turn of events brought a glimmer of joy to Zerodha Broking.
In a recent twist of events, the leading discount broker in the country found itself making headlines, as a wave of traders reported their inability to exit their Sensex option trades on Friday. Zerodha Broking, the renowned name in the brokerage world, was not immune to this predicament. However, they swiftly responded to the concerns, indicating that they were considering refunds on a case-by-case basis, as per media reports. It was a hectic weekend for the Kamath brothers, as they worked tirelessly to address the issue and provide much-needed clarification.
But let's fast forward to Tuesday, where an unexpected turn of events brought a glimmer of joy to Zerodha Broking. The stock price of a particular company, in which they hold a 1.18 percent stake, experienced a surge. Enter Cartrade Tech Ltd., a multi-channel auto platform provider with a comprehensive range of vehicle types and value-added services. The excitement surrounding Cartrade Tech Ltd. stemmed from their recent announcement of entering into a share purchase agreement with M/s Sobek Auto India Private Limited and its holding company, OLX India B.V.
Under this agreement, Cartrade Tech Ltd. would acquire a 100 per cent stake in Sobek from OLX India B.V., pending the fulfillment of certain conditions and in accordance with the agreed-upon terms and conditions. The acquisition comes at a price tag of Rs 537 crore, and the completion timeline is estimated to be around 21 to 30 days, subject to mutual agreement. This strategic move aligns perfectly with Cartrade Tech Ltd.'s objectives of pursuing investments that offer synergistic benefits to their existing business.
The news of this acquisition sent shockwaves through the market, propelling Cartrade Tech Ltd.'s stock into overdrive. In a remarkable turn of events, the stock price surged by nearly 18 percent, reaching a fresh nine-month high. And here's where it gets even more interesting: Zerodha Broking, as a corporate entity, holds a 1.18 percent stake in Cartrade Tech Ltd., which translates to a staggering 554,531 shares. Crunching the numbers, the gains accrued by Zerodha Broking from this astounding surge amount to approximately Rs 4.82 crore. Yes, you heard it right—nearly 5 crores! (calculated as 87 * 554,531).
As we speak, the stock continues to trade on an upward trajectory, currently up by Rs 87, which signifies an impressive 18 percent increase. Zerodha Broking must be exulting in their astute investment as they witness their holdings in Cartrade Tech Ltd. flourish.
The world of finance never fails to deliver its fair share of surprises, and this story is a testament to that. From a weekend of challenges and concerns to a Tuesday filled with excitement and gains, Zerodha Broking's journey through the ups and downs of the market is nothing short of captivating.