Zomato surges 36% in two months on improved operational performance

Shares of Zomato hit five-month high of Rs 68.10, soaring 6 per cent on the BSE in Thursday’s intra-day trade. In past two months, the stock price of food delivery platform company has surged 36 per cent on improved operational performance. It was trading at its highest level in current calendar 2023. The stock has bounced back 68 per cent from its record low level of Rs 40.55, touched on July 27, 2022.

Zomato reported better-than-expected operating performance in the March quarter (Q4FY23) – while it registered muted gross order value (GOV) growth quarter-on-quarter (QoQ), contribution margin across segments beat estimates.