Zomato rallied 4.67% to Rs 68.35, extending gains for the seventh consecutive trading session.
Shares of the food delivery company surged 25.41% in seven trading sessions from its recent closing low of Rs 54.50 on 5 August 2022.
In the last three month, the stock has jumped 16.24% while the benchmark Sensex has risen 10.91% during the same period.
On the technical front, the stock's daily RSI (relative strength index) stood at 69.016. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 58.55 and 64.93 respectively. These levels will act as crucial support zones in near term.
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Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.
The online food delivery platform reported a consolidated net loss of Rs 186 crore in Q1 June 2022, as against net loss of Rs 360.70 crore in Q1 June 2021. Revenue from operations stood at Rs 1,413.9 crore in Q1 June 2022, up 67.44% from Rs 844.4 crore reported in Q1 June 2021.
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