Zomato, Paytm Touch New 52-Week High Amid Rally In Broader Equity Market
Zomato and Paytm, two of India’s largest tech startups, recently touched new 52-week highs amid a rally in the broader equity market. The rally was driven by a number of factors, including optimism about the Indian economy, positive corporate earnings reports, and strong foreign investor inflows.
Zomato
Zomato is a food aggregator app that allows users to order food from restaurants and track their orders online. The company has been one of the beneficiaries of the COVID-19 pandemic, as more and more people turned to online food delivery during the lockdowns.
In the most recent quarter, Zomato’s revenue grew by 66% year-over-year, while its losses narrowed. The company also reported a positive EBITDA for the first time.
Zomato’s stock has been on a tear in recent months, rising over 100% from its July lows. The stock touched a new 52-week high of ₹169.10 on October 10, 2023.
Paytm
Paytm is a digital payments company that offers a variety of services, including mobile wallets, online payments, and financial services. The company has over 350 million active users and is the largest digital payments company in India.
Paytm has been one of the biggest beneficiaries of the government’s push for digital payments. The company’s revenue grew by 77% year-over-year in the most recent quarter.
Paytm’s stock has also been on a tear in recent months, rising over 50% from its July lows. The stock touched a new 52-week high of ₹1,046.70 on October 10, 2023.
Reasons for the rally
There are a number of reasons for the rally in Zomato and Paytm’s stocks.
- Optimism about the Indian economy: The Indian economy is expected to grow by over 7% in the current financial year. This optimism is driving investor interest in Indian stocks, including Zomato and Paytm.
- Positive corporate earnings reports: Indian companies have been reporting strong earnings growth in recent quarters. This is boosting investor confidence in the Indian stock market.
- Strong foreign investor inflows: Foreign investors have been investing heavily in the Indian stock market in recent months. This is also contributing to the rally in Zomato and Paytm’s stocks.
Conclusion
The rally in Zomato and Paytm’s stocks is a positive sign for the Indian tech sector. It shows that investors are confident in the growth prospects of these companies. The rally is also a sign of the growing maturity of the Indian stock market.
Impact on investors
The rally in Zomato and Paytm’s stocks has been good news for investors who have invested in these companies. However, it is important to note that the tech sector is a volatile sector and stock prices can fluctuate wildly. Investors should carefully consider their risk appetite before investing in tech stocks.
Disclaimer
This article is for informational purposes only and should not be considered as investment advice. Investors should consult with a qualified financial advisor before making any investment decisions.
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