Buzzing Stock: Zomato shares jump 7% in early trade; here’s why

Zomato shares rose over 7% after news of an investor meeting and Jefferies’ Christopher Wood including Zomato in his India long-only portfolio. The company trimmed losses in the January-March quarter and increased revenue by 70% YoY, with consolidated revenue of INR 2,056 crore. Following these results, Emkay and Goldman Sachs both issued “Buy” ratings on the stock. ONDC’s revision of incentives and discounts in the food industry has also given a boost. Despite underperforming the Nifty50 over the last year, Zomato shares have risen over 18% for YTD and are near their IPO issue price.