Zomato share price rallies 18%, mcap tops Rs 50,000-cr; Here’s what’s fueling the rally
时间:2024-06-17 13:17:37 阅读(143)
Zomato share price rallied over 18 per cent to Rs 67.60 apiece on BSE on Tuesday, a day after the company posted a 75 per cent jump in revenue in fourth quarter of FY22. The total market capitalisation of Zomato crossed Rs 50,000 crore-mark. The company, in a stock exchange filing, said that the average monthly transacting customers were at an all-time high of 15.7 million in Q4FY22, growing from 15.3 million in the December quarter. Likewise, the average monthly active restaurant partners and delivery partners were at all-time highs as well.
From its high point of 169 to its most recent low of 50, Zomato had witnessed a very steep and ferocious decline which had made the stock deeply oversold, said a technical analyst. “We have witnessed a sharp technical pullback. However, speaking strictly from a technical perspective, investors should not jump in at this price as some consolidation is likely. Also, there is no confirmation of a bottom being in place. At the most, one can just invest a small portion and wait for the prices to settle down,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
In traded volume terms, a total of 65.02 lakh shares exchanged hands on BSE, while 12.92 crore scrips traded on National Stock Exchange (NSE), so far in the day. AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com that despite widening losses in Q4FY22, an increasing customer base coupled with a technical bounce back from oversold levels has led to a sharp uptrend in Zomato today. “Technically, 60 now acts as a good support. Consistent daily close above 66 should lead to 74-78 in the coming days,” Ramachandran advised investors.
The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.
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