Zomato Shares Surge by 3% In Intra-day Trade
Online food delivery platform Zomato witnessed a surge in its share prices today, with a rise of almost 3% on the BSE. The shares jumped to a one-year high of INR 80.30 during intra-day trade. The impressive buying of shares is due to the positive sentiments of brokers about the company’s growth. Zomato’s shares have become 47.5% stronger in the past three months. However, due to profit booking, the stock price has cooled off a bit. Currently, it is trading at INR 78.87, showing a strong gain of 1.68% on the BSE.
Brokerages Positive About Zomato’s Growth
The consolidated revenue of Zomato during the March quarter stood at INR 188 crores, compared to INR 260 crores on an annual basis and INR 345 crores on a quarterly basis. Jeffrey’s, a brokerage firm, is positive about the company’s growth, stating that it could see an improvement in profitability due to the increasing margins in the food sector and a fall in losses in the Blinkit department. Despite challenging macroeconomic conditions, the management of Zomato has expressed its confidence in improving profits. The brokerage firm estimates that Zomato’s gross order value could increase significantly by June 2023.
MSCI Index and ONDC Add to Positive Sentiments
Zomato has been added to the MSCI (Morgan Stanley Capital International) index, which has increased the weightage of the stock. Additionally, the changes made by the Open Network for Digital Commerce (ONDC) to its incentives and discounts have also added to the positive sentiments. The investment in Zomato has increased by $5.9 million due to the increase in weightage of the stock in the MSCI index.
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