Zomato shares hit fresh all-time high, take year-to-date rise to 50%

Shares of online food aggregator Zomato Ltd continued their strong upward move for the fifth straight session in Wednesday's trade. The stock rose 3.48 per cent to scale a fresh record high of Rs 188.95. At this price, it has gained around 50 per cent on a year-to-date (YTD) basis. That said, the counter has given multibagger returns by rallying 270 per cent in a year.

Analysts largely shared positive views on the counter. "Those holding can continue to stay invested. For fresh investment, wait for dips," Gaurang Shah, Senior VP at Geojit Financial, told Business Today TV.

"The ongoing rally in Zomato shares can extend up to Rs 220 level. Keep a trailing stop loss at Rs 150," said Mitesh Panchal, a Sebi-registered analyst.

China's Antfin has sold a 2.1 per cent stake in the food delivery platform via bulk deals earlier this month. Antfin offloaded a total of 17.64 crore shares in the company in the price range of Rs 160.11-160.40. And, Morgan Stanley has bought 5.68 crore shares of Zomato at Rs 160.10.

Bourses BSE and NSE have put the securities of Zomato under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

The company's consolidated net profit came at Rs 138 crore for the December quarter as against a profit of Rs 36 crore in the September quarter and a loss of Rs 367 crore in the year-ago period.

Zomato CEO Deepinder Goyal said his company continued to grow meaningfully above its stated expectation of 40 per cent-plus year-on-year (YoY). He expected the topline to continue growing at 50 per cent-plus YoY.