Zomato stock rises 8% after Paytm earnings

Zomato stock rises 8% after Paytm earnings

In early trade, shares of Zomato rose over 8 per cent, amid a rally in the broader market today. The rise in Zomato stock comes after founder of the food aggregation firm Deepinder Goyal congratulates Paytm and its founder Vijay Shekhar Sharma on their Q 3 earnings show.

The stock of Zomato rose 8.48% on the BSE, reaching an intraday high of Rs 53.75. The stock opened at Rs 51 with a gain of 2.93%. The stock of Zomato is trading higher than the 5 day and 20 day moving averages but is lower than the 50 day, 100 day and 200 day moving averages.

The stock has fallen 43.86% in a year and 11.46% in 2023. The stock hit a 52 week high of Rs 95.45 on February 9, 2022 and a 52 week low of Rs 40.55 on July 27, 2022.

Total 107.75 lakh shares of Zomato Ltd changed hands on the BSE, amounting to a turnover of Rs 56.49 crore. The firm's market cap rose to 44,853 crore on the BSE.

The share price of Zomato was 5.85 per cent higher at Rs 52.45 on the BSE at 12: 08 pm.

Goyal wrote in a Twitter post: Congratulations, vijayshekhar and Paytm on becoming profitable. Sorry, a bit late to the party because Zomato is busy working on its own profitability - Zomato will announce its earnings for the December quarter on Thursday, February 9. In the September quarter, the foodtech unicorn's consolidated revenue increased by 62.20 per cent to Rs 1,661. 30 crore from 1,024 were provided by the government. In the same quarter last year, there were 20 crore.

Its consolidated net loss was higher than the June quarter's Rs 186 crore loss but less than the year-ago s Rs 434.90 crore loss.

The payment gateway services provider turned positive at the operating level three quarters ahead of its guidance for the quarter ended December. Paytm reported EBITDA before the ESOP of Rs 31 crore in Q 3 FY 23. The firm's Q 3 loss was reduced to 392 crore for the quarter ended December from Rs 779 crore a year ago.