Zomato shares climb 3% amid block deal, cross Rs 100 mark

economictimes.indiatimes.com:

Zomato climbed 3% to Rs 101 in Thursday's trade on BSE amid reports of a block deal executed on the counter.

As per reports, on Thursday, 12 lakh equity shares of Zomato changed hands in a block deal. The buyers and sellers in the deal are not known.

According to the latest shareholding pattern available with the exchanges, as of 30 June 2023, 97.91% of the company's shareholding is with the public, and 2.09% with the employee trust.

At 11.15 a.m., the stock was trading 1.7% higher at Rs 99.8 over its last day's closing price of Rs 98.2 apiece.

The stock has also surged over 65% year-to-date, while it has rallied over 85% in the past six months. However, the stock has declined nearly 30% in the past two years.

In Q1 FY24, the firm turned profitable.

Zomato reported a consolidated net profit of Rs 2 crore for the quarter ended June 2023 against a loss of Rs 186 crore in the corresponding quarter of the last financial year. The company also reported a loss of Rs 189 crore in the quarter ended March.

Meanwhile, the revenue from operations for the reporting quarter stood at Rs 2,416 crore, which was up nearly 71% year-on-year (YoY) against Rs 1,414 crore reported by the company in the year-ago period.

As per Trendlyne data, the target price of the stock is Rs 102, which shows an upside potential of 2% from the current market prices.

The consensus recommendation from 25 analysts for the stock is a 'Buy'.

Technically, the stock's day RSI (14) is at 64.7. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed.

MACD is at 3.2, which is above its center and signal Line, this is a bullish indicator. Shares of Zomato are also trading higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day,