"India still remains, for example, for a business like Zomato, a market which is only in a few cities even now. Things will have to evolve. To my mind, some of them are still fairly expensive. But because of the fact that there is now at least a path to profitability, there is a reason to assume that they will survive and therefore do reasonably well over a period of time. "
Shares of Zomato are on a roll after the company reported its first-ever quarterly profit of Rs 2 crore in Q1FY24, compared to a loss of over Rs 180 crore in the same quarter last year. What s next for this stock? Find out in this Business Today Visual Story.
By 9.26 am, Sensex was trading 328.89 points, or 0.50 per cent higher at 65,569.57, while Nifty50 was up 108.65 points, or 0.56 per cent to trade at 19,490.30.
Zomato share price: The counter's 14-day relative strength index (RSI) came at 64.31. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-earnings (P/E) ratio of 603.43 against a price-to-book (P/B) value of 3.39.