Gurugram-based Zomato and PB Fintech hit 52-week highs

14 Jul 2023 , 10:15 AM

Zomato and PB Fintech, two new-age companies based in Gurugram, reached new 52-week highs on Thursday. 

The two stocks outperformed their new-age competitors Delhivery, One 97 Communications (Paytm), FSN Ecommerce (Nykaa), and CarTrade Tech, which were trading near their yearly highs.

Zomato kept the upward momentum in Friday’s early morning session as well and touched a new high of Rs 85.25. However, PB Fintech didn’t start well, it was trading marginally lower than previous session.

At around 9.50 AM, Zomato was trading 1.16% higher at Rs 83.15, against the previous close of Rs 82.20 on NSE. On the other hand, PB Fintech was trading 0.94% lower at Rs 755.65 per piece, against the previous close of Rs 762.85.

In Thursday’s trading session, PB Fintech touched a new 52-week high of Rs 779.90.

On June 9, the Zomato stock closed the day’s trade above its IPO issue price of 76 for the first time since its impressive stock market debut in 2021. The company’s stock had debuted at a premium of Rs 125.

Zomato is yet to release its earnings for the June quarter.

On the other hand, the parent company of Policybazaar, which also went public in 2021, offered its shares in the range of Rs 940-980 and listed at a 17% premium on the stock exchanges. The stock is still trading below its initial public offering price of Rs 1,150, it has gained more than 11% in the last two days.

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