RateGain trades down 1.5% after Kotak downgrades stock to ‘add’

Though, Kotak Institutional Equities has raised its target price on the stock to Rs 610 from Rs 550 earlier.

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Shares of RateGain Travel Technologies were down 1.5 percent on September 18 after Kotak Institutional Equities downgraded the stock to ‘add’ from ‘buy’ following recent rally in the scrip.

Though the brokerage firm has raised its target price on the stock to Rs 610 from Rs 550 earlier.

At 12:33pm, shares of the company were trading percent lower at Rs on the BSE.

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The company’s improved growth and profitability over the past few quarters was driven by broader recovery in travel and wallet share gains, aided by enhanced capabilities and focus on cost optimisation, the brokerage firm highlighted.

However, growth has been concentrated in pockets, limiting confidence on sustenance at elevated levels, it quickly added. “After a strong run of 45 percent in the past three months, upsides are moderate,” said Kotak Institutional Equities.

The brokerage firm said valuations capture most of the optimism, which is why the downgrade in stock rating.

RateGain provides SaaS solutions for travel and hospitality helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.

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