The third week of March saw a significant rebound in new-age tech stocks, driven by a broader market recovery. Zomato and Paytm emerged as the biggest gainers, with Zomato adding a whopping $2 billion to its market cap.
New-Age Tech Stocks Rebound: Zomato and Paytm Emerge as Biggest Gainers
Zomato’s Surge:
Zomato’s impressive rally can be attributed to its strong financial performance and strategic acquisitions. The company’s acquisition of Blinkit has boosted its financials, positioning it well for continued success ¹. With a 57% surge in its stock price so far in 2024, Zomato is proving to be a promising investment opportunity.
Paytm’s Revival:
Paytm, on the other hand, saw a significant surge after announcing a SEBI-approved research analyst license for its tech arm, Paytm Money. This development has boosted investor confidence in the company, leading to a rebound in its stock price. Despite facing challenges in the past, Paytm is showing signs of revival, making it an interesting stock to watch.
Market Outlook:
The broader market recovery has been driven by positive sentiment and improved financial performance of several new-age tech companies. Analysts believe that investors should have a stock-specific approach while investing in these companies, focusing on those with strong financials and growth prospects.
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