Zomato skyrockets 108% in 2023: A look at how other new-age stocks performed this year

livemint.com:

PB Fintech, Zomato, CarTrade Tech, Nykaa, and Delhivery have all yielded positive returns thus far in the current year. Among these, Zomato managed to cross its IPO price and also delivered a multi-bagger return. Although commencing the year 2023 on a relatively negative note with a 16% loss in value, the Zomato stock demonstrated a substantial recovery in April, registering a noteworthy gain of 27.25%.

This positive momentum persisted, leading it to surpass its IPO price of ₹76 in June. Also Read: Zomato is winning the contest with Swiggy Notably, the stock sustained its winning streak, closing each of the subsequent five months with gains. This outstanding performance has resulted in the stock achieving a remarkable 108% return for the year 2023.

This rally stands in stark contrast to the stock's weak performance in CY22 when it lost 57% of its value. Nevertheless, the stock is still 27% down from its all-time high of ₹169 apiece. Likewise, PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, has exhibited a remarkable resurgence in CY23 following a significant downturn in the previous calendar year.

The company's stock has surged by an impressive 75% this year, soaring from ₹451 per share to ₹789. Also Read: Internet stocks recover in 2023; should you buy them for long term? Despite this substantial recovery, the stock currently trades 24% below its IPO price of ₹980 and is 46.32% lower than its all-time high of ₹1,470 per share. The performance of CarTrade Tech, a multi-channel auto platform provider, has also been robust this year.