Zomato skyrockets 108% in 2023: A look at how other new-age stocks performed this year – blogwspace.com

Zomato skyrockets 108% in 2023: A look at how other new-age stocks performed this year

New-age tech stocks have made a striking comeback this year, rewarding their shareholders handsomely following a lacklustre performance in the preceding year (CY22). This remarkable turnaround can be attributed to their improved financials coupled with optimistic views from analysts.

Stocks such as Paytm, PB Fintech, Zomato, CarTrade Tech, Nykaa, and Delhivery have all yielded positive returns thus far in the current year. Among these, Zomato managed to cross its IPO price and also delivered a multi-bagger return.

Although commencing the year 2023 on a relatively negative note with a 16% loss in value, the Zomato stock demonstrated a substantial recovery in April, registering a noteworthy gain of 27.25%. This positive momentum persisted, leading it to surpass its IPO price of 76 in June.

Also Read: Zomato is winning the contest with Swiggy

Notably, the stock sustained its winning streak, closing each of the subsequent five months with gains. This outstanding performance has resulted in the stock achieving a remarkable 108% return for the year 2023.

This rally stands in stark contrast to the stock’s weak performance in CY22 when it lost 57% of its value. Nevertheless, the stock is still 27% down from its all-time high of 169 apiece.

Likewise, PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, has exhibited a remarkable resurgence in CY23 following a significant downturn in the previous calendar year. The company’s stock has surged by an impressive 75% this year, soaring from 451 per share to 789.

Also Read: Internet stocks recover in 2023; should you buy them for long term?

Despite this substantial recovery, the stock currently trades 24% below its IPO price of 980 and is 46.32% lower than its all-time high of 1,470 per share.

The performance of CarTrade Tech, a multi-channel auto platform provider, has also been robust this year. In October, the stock rallied 22.27%, marking the best monthly performance since listing in August 2021.

Commencing the year 2023 at 501.50 apiece, the stock jumped 53% to trade at the current market price of 766.75. This performance stands in stark contrast to the 44.75% drop witnessed in CY22.

Also Read: CarTrade shares jump as analysts see 37% upside potential

Conversely, the performance of Paytm has been a mixed bag. The stock demonstrated consistent growth from January to October, with an overall increase of 73%. However, in December alone, the stock depreciated by 31% after the company’s announcement of scaling back on small-ticket loans in response to regulatory changes.

Investors offloaded shares of Paytm following this announcement concerning the company’s decision, with the small-ticket segment representing more than 50% of the company’s total disbursements. In addition, major global brokerage firms have adjusted their target prices lower, further contributing to the stock’s decline.

Although Paytm has outlined plans to expand its credit distribution business by focusing on higher-ticket loans for consumers and merchants in collaboration with banks and NBFCs, analysts remain cautious.

Also Read: Paytm: Down over 40% from 52-week high, should you consider the stock now?

Despite this sharp decline, the stock still holds a 15% gain in CY23 so far. At its current market price of 605 apiece, the stock presents a substantial 72% discount from its issue price. Notably, since its listing, the stock has never surpassed its issue price.

After losing 55.79% in CY22, shares of FSN E-Commerce Ventures (Nykaa) have modestly rebounded this year, clinching a 15% gain. The stock witnessed a resurgence in May, breaking a 13-month hiatus, followed by monthly gains of 18.83% in June and a hefty 26.16% in November.

Delhivery, a logistics service provider, also saw its shares gain 8.12% this year, spiking from 332 apiece to 357.95. Notably, between February and September, the stock experienced a massive 38% gain. However, it faced challenges in sustaining these rallies in the following months.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Market at record high again! 4 of top experts list out sectors to pick and avoid
Next post The top 10 public domain music websites
Privacy Policy