Zomato's Stock rises 3.48% & reached to 
188.950 by gaining 250%
Online foodtech platform Zomato exhibited a sharp upward move for the fifth straight session today. The stock of Zomato rose 3.48% to reach a fresh record high of 
188.950- gaining around 250% on a year-to-date (YTD) basis. Brokerage firm Bernstein gave an 'outperform' rating on Zomato with a target price of 200 on the stock while Kotak Institutional Equities put the stock at 190 with a 'buy' rating and JM Financial has a 'buy' rating on Zomato and put a target price of 200.
188.950- gaining around 250% on a year-to-date (YTD) basis. Brokerage firm Bernstein gave an 'outperform' rating on Zomato with a target price of 200 on the stock while Kotak Institutional Equities put the stock at 190 with a 'buy' rating and JM Financial has a 'buy' rating on Zomato and put a target price of 200.
The share price of Zomato has shown a upward trend from the past one year, when it had bottomed out at around 50 apiece around a year ago. Lately, Zomato opened upside and touched an intraday high of 189 per share level on NSE- 250% rise in the last one year. After this, Zomato’s share price reached a new height for the second straight session and the share of the company shown an upward trend.
50 apiece around a year ago. Lately, Zomato opened upside and touched an intraday high of 189 per share level on NSE- 250% rise in the last one year. After this, Zomato’s share price reached a new height for the second straight session and the share of the company shown an upward trend.
China's Antfin sold a 2.1% stake in Zomato via bulk deals earlier this month in which it offloaded a total of 17.64 crore shares in the company in the price range of 160.11-160.40. Meanwhile, Morgan Stanley bought 5.68 crore shares of Zomato at 160.10.
160.11-160.40. Meanwhile, Morgan Stanley bought 5.68 crore shares of Zomato at 160.10.
According to stock market experts, the market is expecting strong quarterly numbers by next month from the online food app company. They explained that demand for online food has touched the pre-COVID level, and due to the beginning of IPL 2024, Zomato's business is expected to gain upwards trajectory as people are likely to rely on online food orders to enjoy the IPL matches. They also added that Blinkit, the quick commerce arm of Zomato, has raised its charges by more than 200%, which would also enable the online food delivery company to muster more revenue in its business, where it enjoys almost a monopoly. They said that Zomato share has given a breakout at 175 on a decisive basis and the stock may go up to 247 apiece if it breaches its current hurdle placed at 204 apiece.
175 on a decisive basis and the stock may go up to 247 apiece if it breaches its current hurdle placed at 204 apiece.Read More News :
BlueStone-Online Jewelry Brand aims to earn Rs.16.5 Mn via Debt & Equity
Mumbai's Children's Play Museum 'Playseum' updates with more exciting add-ons
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
