Zomato declines on for-profit sale

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Zomato fell 7.98% to Rs 61.70 on profit booking after rising over the past seven trading sessions.

Shares of the food chain platform jumped 23.03% in the past seven sessions to end at Rs 67.05 yesterday, from its recent closing low of Rs 54.50 on August 5 2022.

The stock had outperformed the market over the past month, rising 14.47% versus an 8.91% rise for the Sensex.

The scrip had also underperformed the market over the past year, down 55.69% compared to a rise of 7.81% for Sensex.

On BSE, 126.64 lakh shares have been traded over the counter so far, compared to average daily volumes of 160.42 lakh shares over the past two weeks. The stock hit a high of Rs 68.25 and a low of Rs 60.30 so far during the day.

The stock reached a 52-week high at Rs 169.1 on November 16, 2021. The stock hit a 52-week low at Rs 40.55 on July 27, 2022.

On the technical side, the stock’s daily RSI (relative strength index) came in at 58.170. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

Zomato connects customers, catering partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer-generated reviews and view and upload photos, order food delivery, reserve a table and make payments while dining out. On the other hand, it provides restaurant partners with industry-specific marketing tools that allow them to engage and acquire customers to grow their business while providing a reliable and efficient last-mile delivery service. The company also operates a one-stop sourcing solution, Hyperpure, which supplies high-quality kitchen ingredients and products to partner restaurants.

The online food delivery platform reported a consolidated net loss of Rs 186 crore in the first quarter of June 2022, compared to a net loss of Rs 360.70 crore in the first quarter of June 2021. amounted to Rs 1,413.9 crore in the first quarter of June 2022, up by 67.44% from Rs. 844.4 crore reported in the first quarter of June 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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