Jobaaj Stories
In the morning trade on the Bombay Stock Exchange, Zomato shares opened at ₹69.40 against ₹67.92 price on which it previously closed. It rose by 7.8 percent to touch the intraday high of ₹73.20 trade.
Also, the company reduced its January-March quarter losses to Rs 188 crore from Rs 360 crore a year ago and Rs 345 crore a quarter ago. Over the last year, The company underperformed Nifty50 but despite this, its shares surged over 18% for YTD and near the IPO issue price.
The stock made it to the news after Christopher Woods, Jefferies Global Head of Equity Shares picked Zomato. The weight of the stock is 4% and is also part of the global long-only portfolio, as per Jefferies’ ‘Greed & Fear’, May edition.
As per sources, Several top brokerages put their views on the counter. Big names like Goldman Sachs and Emkay also made a ‘Buy’ call on the stock.
Another factor that could’ve led recent rally must’ve been the positive news on the revised incentives and discounts at ONDC.
The stock has been highly volatile and traded with about a 1-year beta of 1.46, As per Trendlyn. The current market capitalisation of the stock stands at ₹6,138.40 crores.
- Kratika Agarwal
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