Shares were down 1.5 percent on September 18 after Kotak Institutional Equities downgraded the stock to ‘add’ from ‘buy’ following a recent rally in the scrip. However, the brokerage firm has raised its target price on the stock to Rs 610 from Rs 550 earlier. The company’s improved growth and profitability over the past few quarters were driven by the broader recovery in travel and wallet share gains, aided by enhanced capabilities and focus on cost optimization, the brokerage firm highlighted.
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