homemarket Newsstocks NewsNew age tech companies in focus – Paytm up 26% and Zomato up 10% this week
New age tech companies in focus – Paytm up 26% and Zomato up 10% this week
This week new-age tech companies came back in a big way. Paytm was the biggest mover this week up 26 percent, PB FinTech was up 21 percent, Zomato was up 10 percent and Nykaa as well was up 10 percent.
This week, new-age tech companies came back in a big way. Paytm was the biggest mover this week, up 26 percent, PB FinTech was up 21 percent, Zomato was up 10 percent and Nykaa as well was up 10 percent.
Paytm was really the one that rose to a four-month high in terms of stock performance — there was a double upgrade from Macquarie on the back of a good set of numbers. The payment volumes for Paytm went up 44 percent year-on-year, while the number of loans were up about 103 percent.
For Zomato, although the stock moved, the numbers were not that good — it still reported a net loss of Rs 346 crore versus a loss of Rs 250 crore quarter-on-quarter. So on the bottomline, the losses have actually gone up. It is the food delivery business that improved for Zomato, so that was a good thing, and the gross order value saw a very small growth of just about 1 percent.
Citi actually has cut its target price on Zomato to Rs 76 from Rs 85 and Goldman Sachs says that there is near-term potential pressure that they are expecting on profitability because of the launch of Zomato Gold as well as the dark store expansion.
On Paytm, there are a lot of positive views coming through, Macquarie says there is a very visible change in the approach of the management to deliver profits. They say they are positively surprised on the distribution of financial services. Goldman Sachs says that profitability is three quarters ahead of the guidance. So perhaps that could mean maybe Paytm could see more of an upside in the weeks to come.
The next stock to watch is Nykaa, it reports its numbers on Monday. So in terms of new-age tech companies, that of course will be the place to watch.
Also Read | Moody's cuts outlook on 4 Adani Group entities to negative — maintains stable outlook on 4 others
First Published: Feb 10, 2023 6:49 PM IST
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