IndiaMart Intermesh saw its shares jump significantly following a bullish upgrade from Nuvama Institutional Equities. The brokerage firm has issued a ‘Buy’ recommendation, projecting a strong rebound in demand for the online business-to-business (B2B) marketplace.

Nuvama’s optimistic outlook is based on several key factors. They anticipate a notable increase in website traffic, a substantial rise in new subscribers, and accelerated growth in collections. These positive trends have prompted Nuvama to revise its earnings estimates upwards.

Furthermore, the brokerage highlights the positive impact of recent structural reforms within the industry and a favorable shift in platform dynamics as contributing factors to their bullish prediction. This confidence is reflected in their significantly increased target price for IndiaMart shares, setting a new benchmark of ₹3,800.