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Zomato Shares Surge Over 14%, Up Nearly 25% In 5 Sessions

Zomato Shares Surge Over 14%, Up Nearly 25% In 5 Sessions

Shares of Zomato have gained 24.9% in the last five trading sessions

The startup’s net loss widened to INR 1,222.5 Cr in FY22, but said it is being aggressive about conserving cash

Nykaa shares also rose 3.67% to settle INR 1401.45 on the BSE

Shares of foodtech giant Zomato continued their strong run on Monday (May 30), closing 14.75% higher at INR 71.20 on the BSE.

The stock reached an intraday high of INR 73.80 before giving up some gains. Zomato shares have been continuously rising from May 24, a day after it released its financial results for the quarter and year ended March 2022. 

The stock has gained 24.9% in the last five trading sessions. Before it, the company’s shares had fallen to a record low of INR 50.35 on May 11, bearing the brunt of the market volatility and negative global sentiment.

The startup reported widening of its net loss for financial year 2021-22 (FY22) to INR 1,222.5 Cr from INR 816.4 Cr in FY21. Operating revenue grew to INR 4,192.4 Cr from 1,993.8 Cr in FY21.

Zomato said its capital needs are currently limited and that it is being aggressive about conserving cash.

Meanwhile, shares of ecommerce platform Nykaa also rose 3.67% to settle at INR 1401.45 on the BSE on Monday. On Friday (May 27), the startup reported a 33% decline in profit after tax at INR 41.3 Cr in FY22.

Among other new-age tech stocks, Paytm rose 4.35% to close at  INR 643.50. Shares of PB Fintech, the parent company of Policybazaar, also rose marginally by 0.29% to close at INR 689.

The benchmark index BSE Sensex rallied over 1,000 points on Monday to close at 55,925.74 points. Meanwhile, the Nifty50 ended 1.89% higher at 16,661.40 points on a positive global sentiment.