“IT, especially midcap IT companies saw blockbuster returns this year. Going forward, while largecaps are leading it, midcaps will continue to do well.â€
The company reported a 67 per cent on-year rise in revenue from operations to Rs. 4,933 crore, which was also above analysts’ expectations.
Analysts now believe that Zomato stock could also be included in the FTSE Russell indices. Both MSCI and FTSE indices are followed by the biggest exchange-traded funds around the world, which will drive huge inflows into the company’s stock.
Total quarterly revenue for the cash-strapped operator increased by Rs. 9406.4 crore in the July-September quarter from Rs 9152.3 crore when compared sequentially, the company said in a notice to the stock exchanges on Friday.
The Nifty Auto index closed 0.14 per cent up at 11706.5.
“With a risk appetite, the new investors are able to digest huge draw downs. A 40-50% correction does not end up getting them perturbed. They are willing to end up looking at the long term gain. These are the same investors who have been going for the new generation IPOs. They are entering into upcoming asset classes, something that I have not seen in the last three decades.â€
Asahi India Glass stock zoomed 16 per cent to Rs 482.35 on the back of a strong technical set-up.
The sharp jump in the bottom line of the company was thanks to a net tax writeback of Rs 7,195.4 crore in the quarter.
Total income of the bank rose to Rs 2,201.26 crore during the July-September period of 2021-22, as against Rs 2,194.47 crore in same period of 2020-21, Jammu & Kashmir Bank (J&K Bank) said in a regulatory filing.
Revenue from operations stood at Rs 1,222.06 crore for the quarter under consideration.
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