“Look at Bank of India, Union Bank, Canara Bank and, of course, the State Bank of India. State Bank of India still trades at only about one point time book value and the others are under book value. So, they can all trade much higher like they did a few years ago.”
The stock s value has surged in the last eight months. Mutual funds have increased their investments in Zomato, making it one of the top buys of domestic fund houses in August, with purchases exceeding 80 million shares.
Zomato reported a surprise net profit of Rs 2 crore for the June quarter, compared to a loss of Rs 186 crore a year ago, and a loss of Rs 189 crore a quarter ago. This was on the back of a sharp 71% growth in revenue to Rs 2,416 crore.
Largecap mutual funds continued to see outflows amidst profit booking at Rs 348.98 crore in August. Here’s a look at the top 10 largecap stocks that mutual fund houses bought in August.
Meanwhile, the revenue from operations for the reporting quarter stood at Rs 2,416 crore, which was up nearly 71% year-on-year (YoY) against Rs 1,414 crore reported by the company in the year-ago period.