Zoomcar Races To Second-Most Trending Spot On Stocktwits After Near Doubling Of Stock On Growth Disclosure: Retail’s Upbeat
By Stocktwits Inc | First Published Dec 27, 2024, 8:21 PM ISTThe firm said the growth in bookings was driven primarily by a surge in demand during the wedding season.
Shares of Zoomcar Holdings Inc (ZCAR) almost doubled in value on Thursday after the firm reported a 43% year-on-year growth in bookings for November. Interestingly, Zoomcar has attributed the growth figure to a “survey” conducted by the company.
The firm said the growth in bookings was driven primarily by a surge in demand during the wedding season.
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“This year's wedding season in India has been the strongest in recent years, emerging as one of the biggest contributors to this growth,” Zoomcar said.
Zoomcar is a marketplace for car sharing headquartered in India. The company also announced that it has revamped its website booking experience to cater to a broader set of users who may travel less frequently and not use an app as often.
Its key updates include integrating new sections for offers, curated car lists, and guest stories, along with city pages highlighting local travel options.
Following the disclosure, Zoomcar stock became the second-most trending ticker on Stocktwits on Friday morning.
After trending in the ‘extremely bullish’ territory on Thursday, the sentiment meter has edged lower into the ‘bullish’ territory (68/100). Retail chatter jumped into the ‘extremely high’ territory (80/100).
Stocktwits followers of the ticker were enthusiastic following the near 100% rally it saw on Thursday.
The firm was in the news last month after it introduced a new subscription model under which users can book self-drive cars for extended periods, starting with a minimum of seven days to more than 30 days. Zoomcar said its users can benefit from progressively lower daily rates for longer durations.
Despite all the positive developments, what could be worrying investors is the fact that the stock has lost over 99% of its value since the beginning of the year.
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