Shares of Zomato rose by almost 3% after the food delivery firm reported a lesser quarterly loss in Q4FY23. Zomato’s loss of INR 188 crore in the three month period ending in March is a significant improvement from the INR 360 crore reported in the same period the previous year. Meanwhile, consolidated revenue increased by 70% YoY to INR 2,056 crore, and revenue for FY23 was up 69% to INR 7,079 crore. While Nomura holds a “reduce” stance on the stock, brokerages Emkay and Goldman Sachs have maintained a “buy” on Zomato.
Market rotation signals steady growth ahead; financials and PSUs lead the charge: Rohit Srivastava
According to Rohit Srivastava, the Indian market is experiencing sector rotation, ensuring upward movement after consolidation. Financials, especially NBFCs, are leading the rally due to