Zomato shares zoom for 4th day in a row; check out the key trigger today

Zomato share price today: Food delivery platform Zomato's shares rose on Tuesday on the back of a slew of block deals. Zomato shares gained as much as three per cent to Rs 56.2 apiece on BSE, extending gains to the fourth session in a row.

Zomato block deal news

Around 28 lakh Zomato shares changed hands in multiple block deals, Zee Business reported. The price at which the deals took place along with details of the buyers and the sellers were yet to be ascertained.

Zomato Q3 Results

Zomato’s consolidated net loss widened to Rs 346.6 crore in the third quarter ended December 31, 2022, as against consolidated net loss of Rs 67.2 crore in the same quarter last fiscal.

The company's consolidated revenue from operations grew by 75 per cent to Rs 1,948.2 crore during the quarter under review as compared to Rs 1,112 crore in the corresponding period a year ago.

The online food aggregator reported better-than-expected December quarter earnings on the back of robust revenues and in-line profitability, Nuvama Research said in its report on Zomato.

The brokerage also said the performance of Blinkit – the online grocery delivery arm of Zomato – was encouraging with 18 per cent sequentially growth in gross order value (GOV) and improvement in profitability.

Zomato Shares May Rise To Its IPO Price

Nuvama Research retained a 'buy' rating on the stock with a target of Rs 74 per share – IPO price. This implies a 36 per cent upside potential in the share price of Zomato. It added that the company’s relaunch of its Gold membership plan should bring growth back with all eyes on sustainable profitable growth.

Zomato’s road to profitability has grown even more promising as it clocked adjusted EBITDA level profitability in January 2023, the brokerage noted, explaining why it is upbeat on the stock.

Zomato Share Price 

Zomato stock has tumbled over 32 per cent in the last one year against a five per cent rise in the S&P BSE Sensex.

It has declined nearly 11 per cent in the last six months and as compared to over three per cent gain in the benchmark index.

The 52-week high-low range of the stock is Rs 88.4 -- 40.55 per share and it has a market capitalisation of Rs 47,557.51 crore as of February 21, 2023, as per BSE.

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