Zomato stock surges ~7%, ahead of Q3 results

8 Feb 2023 , 01:20 AM

Zomato’s stock rose 8.5% to Rs 53.75 on Wednesday, ahead of the company’s December quarter results tomorrow. Meanwhile, the stock has gained 13% in the last two trading days.

Higher food delivery orders and contribution from the recently-integrated Blinkit business are expected to drive double-digit sequential revenue growth for Zomato in the quarter ended December.

However, the consolidated loss at the operating level is likely to have increased sequentially due to the costs associated with the integration of Blinkit. This is also expected to have an impact on the bottom line.

At around 1.16 PM, Zomato was trading 7.29% higher at Rs52.95, against the previous close of Rs49.35 on NSE. So far, the counter touched an intraday high and low of Rs53.95 and Rs51.10 respectively.

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