Shares Of Zomato, PB Fintech Continue Their Rising Streaks

Continuing their rising momentum, shares of foodtech giant Zomato jumped 1.9% during intraday to also touch an all-time high of INR 195.4 on the BSE on Tuesday (April 9).

Meanwhile, despite a weakness noticed in several new-age tech stocks today, shares of PB Fintech also surged 3.4% to touch INR 1,329.95 on the BSE during the intraday trading, slowly getting closer to its listing price of INR 1,500.

However, both stocks shed some of their gains by the end of today’s trading session. While Zomato ended 1% higher at an all-time high closing price of INR 193.7, PB Fintech ended the session 1.4% higher at INR 1,304.35, a level last seen on November 24, 2021, soon after its listing.

It is pertinent to note that PB Fintech continued its northbound momentum for the fifth consecutive session today. Following a sharp rally amid its investors’ meetings, its shares surged 13.8% on the BSE last week.

The shares of the parent company of insurtech platform Policybazaar have been witnessing an uptrend since turning profitable in Q3 FY24. In fact, since its Q3 financials were published, PB Fintech shares have gained a massive 43% so far this year.

PB Fintech posted a profit after tax (PAT) of INR 37.2 Cr in Q3 FY24.

Speaking to Inc42 last week, Amol Athawale, VP of technical research at Kotak Securities, said that the uptrend in the stock is expected to continue and it might soon touch the INR 1,300-INR 1,325 level.

Meanwhile, Zomato’s gaining streak began around the middle of the last year after reporting profitability in Q1 FY24. Analysts have also been hiking their price targets on Zomato. An analyst told Inc42 in December last year that Zomato might test INR 225 level by June 2024.

Recently, Zomato also found a place in the list of “top picks” of brokerage Jefferies for the next five years. Jefferies sees a 2.5X upside in the foodtech startup’s share price by March 2029, reaching INR 400.

Zomato shares ended at a record close for the fourth consecutive session today.

Meanwhile, in the broader market, Nifty50 and Sensex touched new record highs, largely on the back of hopes of a strong Q4 earnings season. However, some concerns still remain in the broader equity market ahead of the release of the US inflation data, expected tomorrow.

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