Market movers: Zomato sees buying for another day, Gravita India also gains

NEW DELHI: Buying that started in Zomato after it hit an all time low continued for another day on Thursday as investors preferred to accumulate the counter at low levels.

The stock was under heavy selling pressure for some time, wording over half of the value from its all time high hit in November. Its December quarter earnings gave some glimpse of improving business for the firm but the outlook for the stock still did not improve.

On Thursday, the stock rose another 5 per cent to Rs 89.25.

Lead(ing) Multibagger
Shares of Gravita India, a metal recycling company, rose more than a per cent in a weak market after it announced that its "Refined Lead" of 99.98 per cent purity and above from its Chittoor plant was been empanelled as approved lead brands deliverable against MCX Lead futures contract.

The MCX empanelment will provide us an additional platform for hedging, better inventory management and price transparency in the domestic market, the company said.

Gravita India is a leading multinational recycling company having three recycling verticals lead, aluminium and plastic.

The stock is tracked by just one analyst who is bullish on the counter. The analyst believes the stock will hit Rs 380. The stock has jumped 400 per cent so far in the last one year.

Capital Infusion
Shares of Punjab & Sind Bank also added over 1 per cent after the company said it will offer, issue, create and allot equity shares up to Rs 4,600 crore (including share premium) to the government by way of preferential issue of equity shares.

Infusion of funds is usually positive for banks as that increases the capitalisation ratio of banks. In the previous budget, the government had pledged to infuse capital in some of the banks that were dealing with bad loans.

The stock has underperformed for a long time. In the last three years, it is down 35 per cent.