Zomato shares skyrocket by around 67% in half a year 

Zomato shares: The food delivery firm reported a consolidated net profit of Rs 2 crore in Q1 FY24 against a loss of Rs 186 crore in the related quarter of the previous financial year. 

The firm’s revenue from operations was at Rs 2,416 crore in June 2023 quarter, which jumped nearly 71 per cent, year-on-year (YoY), against Rs 1,414 crore reported in the year-back period.

The online food aggregator Zomato shares have earned 67.26 per cent in the last six months and 52.55 per cent in 2023. The shares on Tuesday climbed 2.44 per cent to close at Rs 91.91. At today’s closing price, the stock has fallen 10.64 per cent from its 52-week high of Rs 102.85, a level witnessed on August 7, 2023. 

Although, the multi-bagger counter has earned 107.23 per cent from its one-year low price of Rs 44.35, which hit on January 25 this year.

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Technical critics believe the shares may revisit their 52-week high price but could face resistance about the said level. Furthermore, one should not rule out the chance of profit booking at higher levels following the recent stellar show.

Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, “Zomato has strongly recouped from the lows in the current financial year, and since then, it has followed the cycle of higher highs-higher lows.”

“The stock is heading to the crucial resistance zone of Rs 100, and a decisive breakthrough would only dictate the next leg of the rally towards the potential resistance of Rs 120-odd level from a short to medium-term perspective.”