Zomato, PB Fintech hit 52-week highs

economictimes.indiatimes.com:

stock market indices setting record highs, shares of two Gurugram-based new-age companies, Zomato and PB Fintech, touched 52-week highs on Thursday. The two stocks outperformed their new-age peers Delhivery, One 97 Communications (Paytm), FSN Ecommerce (Nykaa), and CarTrade Tech, which were trading off their yearly highs. Food and grocery delivery platform Zomato traded at its highest price in the last year at ₹84.50 before paring some gains to close at ₹82.35 on the BSE, 6.3% higher than its last close.

Shares of PB Fintech, which operates the Policybazaar platform, also touched a 52-week high of ₹779.85 before ending trading 3.4% up at ₹759.90 on the BSE. On June 9, the Zomato stock had for the first time after its impressive stock market launch in 2021 closed the day's trade above its IPO issue price of ₹76. The company's stock had listed at a premium of ₹125.

In a research note on July 10, ICICI Securities had said Zomato is expected to have outpaced most quick-service restaurants «on a like-to-like basis» June quarter. The brokerage firm also said that it expected Zomato to record 9.2% year-on-year growth in its food-delivery gross order value (GOV), and 6.8% growth sequentially. Zomato is yet to announce its June quarter earnins.

Several brokerages had taken a bullish view of Zomato after its March quarter results were released in May. Last July, the stock had sunk to a 52-week low of ₹40.55.PB Fintech The Policybazaar parent, which also went public in 2021, offered its shares in the ₹940-980 range and listed at a 17% premium on the stock exchanges. While the stock is still trading below its listing price of ₹1,150, it has gained over 11% in the last two days .