Internet stocks including Zomato, PolicyBazaar, RateGain recover in 2023; should you buy them for long term?
FSN E-Commerce Ventures (Nykaa) and Easy Trip Planners, most stocks have given stellar returns in the last 1 year as well as in 2023 YTD. RateGain Travel has surged the most, up 130 percent in the last 1 year and 119 percent in 2023 YTD. PB Fintech (PolicyBazaar) gained over 78 percent in the last 1 year and 56 percent in 2023 YTD.
Meanwhile, Zomato has rallied 72 percent in the last 1 year and almost 79 percent in 2023 YTD; CE Info Systems (MapMyIndia) has advanced 59 percent in the last 1 year and 103 percent in 2023 YTD; One 97 Communications (Paytm) has jumped 46 percent in the last 1 year and over 75 percent in 2023 YTD; and CarTrade Tech has risen 23 percent in the last 1 year and 46 percent in 2023 YTD. However, Nykaa has lost around 15 percent in the last 1 year and 9 percent in 2023 YTD, and EaseMyTrip has shed 18 percent in the last 1 year and 25 percent this year so far. The internet stocks listed this year have a long road to go.
IdeaForge Technology has declined 38 percent from its listing price of ₹1,300 (listed in July 2023). The stock made a strong debut, listing at over 93 percent premium to the IPO price of ₹672. Meanwhile, currently trading at ₹129.95, Yatra Online has been almost flat as against its listing price of ₹127.50.
The stock was listed at a 10 percent discount from its IPO price of ₹142. It made its market debut last month (September). Zaggle, however, has risen over 27 percent from its listing price of ₹164, which was the same as its IPO price.
It was also listed last month. Internet stocks have substantial growth opportunities owing to India's evolving digital economy. As the digital landscape advances, internet-based companies are poised for expansion.
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