Zomato Share Price Extends Gains To Second Session

Eternal, commonly known as Zomato, share price extended gains to a second consecutive session on Tuesday, tracking overall positive sentiment in domestic financial markets.

On Friday, the stock rose after the announcement of liquidation of its inactive Netherlands subsidiary, Zomato Netherlands B.V. The inactive subsidiary was not contributing to its revenue or turnover. Thus, there is no impact on Zomato's financials because of this liquidation.

On Friday, Eternal's share price rose as much as 3.23% to Rs 214 apiece.

Eternal is yet to announce the date for releasing its earnings for the January-March period. In the preceding quarter, Eternal's net profit tanked 66% in the October-December period, missing analysts' expectations, with Bloomberg consensus estimates predicting a profit of Rs 230 crore. Its topline rose 12.6% to Rs 5,045 crore for the quarter but fell behind the expected Rs 5,381.9 crore.

Eternal share price rose as much as 3.25% to Rs 224.25 apiece. It was trading 1.95% higher at Rs 221.43 apiece as of 11:04 a.m., as compared to a 2.12% advance in the NSE Nifty 50 index.

The stock rose 17.59% in 12 months, while it declined 20.34% on a year-to-date basis. The relative strength index was at 51.37.

Out of 30 analysts tracking the company, 24 maintain a 'buy' rating, two recommend a 'hold', and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 26.5%.

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