Zomato Shares Make Biggest Intraday Jump Since Listing, M-Cap Exceeds Rs 50,000 Cr

  • Investing.com
  • Stock Market News
Zomato Shares Make Biggest Intraday Jump Since Listing, M-Cap Exceeds Rs 50,000 Cr
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the food delivery platform Zomato (NS: ZOMT ) Ltd zoomed 13.76% to Rs 64.9 apiece at 10:35 am, after rallying over 14% in early trade on Tuesday.

The company recorded its biggest intraday share surge since the time of listing on Tuesday after it reported a stellar 75% YoY jump in the consolidated revenue from operations at Rs 1,212 crore in the March quarter, even though its net losses in the period widened 168% YoY to Rs 359 crore, led by higher expenses.

Moreover, the food aggregator’s gross order value (GOV) hit a record high of Rs 5,850 crore in the quarter, rallying 77% YoY and 6% QoQ, while its adjusted EBITDA loss reduced to Rs 224.5 crore in Q4 on a QoQ basis, but almost doubled on a YoY basis.

Thanks to the company’s intraday share jump, its market capitalization exceeded Rs 50,000 crore and stood at Rs 51,100 crore at the time of writing.

Various brokerages have turned positive on the food aggregator stock and have upgraded their target prices on it. They are of the view that downside risk for investors is limited now, and the worst for the company is over.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles