Zomato shares hit one-year high, surpass IPO price
Zomato, which got listed in the stock market on July 23, 2021, has witnessed a 27% rally in its shares over the past month.
Zomato Ltd's shares touched a one-year high on Friday, trading above its initial public offering (IPO) price of Rs 76 per share.
In Friday's intra-day trade, the company’s stock climbed 2.34% on the BSE, hitting a 52-week high of Rs 77.95. Zomato's stock has demonstrated a recovery from its 52-week low of Rs 40.55.
Despite experiencing a surge of around 53% since March, the stock still lags behind its all-time closing high of Rs 160.30.
, which got listed in the stock market on July 23, 2021, has witnessed a 27% rally in its shares over the past month.
Last month, Zomato posted a 70% increase in revenue to Rs 2,056 crore in the fourth quarter of FY23, helped by growth in its B2B supplies business, Hyperpure. Losses for the period declined to Rs 188.2 crore—down 47% from the year-ago period.
The food and grocery delivery firm's recent fourth-quarter earnings report, which showcased narrowed year-on-year and sequential losses, has attracted attention from prominent brokerages.
Notably, Jefferies' Global Head of Equity Strategy, Christopher Wood, has included Zomato in his India long-only portfolio with a weight of 4%. According to Jefferies' May edition of 'Greed & Fear,' Zomato will be included in the global long-only equity portfolio as an investment.
The foodtech firm also rejigged its top management last month.
Edited by Kanishk Singh
