Zomato Shares Hit Fresh All-Time High At INR 285.95 Amid Rally In Broader Markets

Shares of foodtech major Zomato touched a fresh lifetime high at INR 285.95 apiece on the BSE on Thursday (September 12) amid a rally in the broader markets, with Sensex and Nifty 50 hitting record highs.

The stock jumped over 5% during early trading hours today but shed some of the gains to close at INR 283.9 apiece.

The rally in Zomato’s share prices coincided with the 30-share Sensex surpassing the 83,000 mark for the first time in its history. The index climbed 1.77% to settle at a record closing high of 82,962.71. The index hit its fresh all-time high of 83,116.19, a jump of 1.95%.

The NSE Nifty 50 also surged 2% to hit its lifetime intraday peak of 25,433.35. The 50-share index closed at a record high of 25,388.90, up 1.89%.

Recently, brokerage firm JP Morgan maintained its “overweight” call on Zomato, raising its target price to INR 340 per share from INR 208 earlier. This would imply an upside potential of almost 20% from the stock’s close today.

Shares of Zomato have gained over 127% year to date.

In line with the broader market gains, 15 out of the 28 new-age tech stocks under Inc42’s coverage gained in a range of 0.51% to 7.61% today. While fintech SaaS startup Zaggle emerged as the biggest gainer, CarTrade, ixigo, Nazara, Ola Electric and Delhivery were among the other stocks which ended in the green. 

Meanwhile, Honasa Consumer, the parent company of D2C brands like Mamaearth, BBlunt and Derma Co, emerged as the biggest loser, with its shares plummeting over 5% to end Thursday’s trading session at INR 493.4 apiece on the BSE. 

The decline in Honasa’s share prices came after existing investors Peak XV Partners and Sequoia Capital, others, reportedly offloaded a cumulative 10.9% stake in the FMCG company via a bulk deal.

Awfis, EaseMyTrip, Paytm, Unicommerce were among the other laggards today.