Zomato shares: Food delivery company Zomato’s shares are constantly in the news. The company’s shares rose 5% on Thursday to reach a 52-week high of Rs 283.85. Earlier on Wednesday, it also saw a rise of 5%. In two days, this stock has climbed up to 11%. The trust of global brokerage firm UBS is behind this rise in shares. Actually, the brokerage firm has given a target price of Rs 320 on this stock and has advised to buy it. Here, JP Morgan has increased its target price on the stock from the earlier Rs 208 to Rs 340. Not only this, CLSA has also recently increased its target price on Zomato from Rs 350 to Rs 353.
What did the brokerage say?
The brokerage noted that industry volumes grew by around 2.5 per cent month-on-month in August 2024. The competitive dynamics between Zomato and Swiggy continued in Q2FY25 and UBS estimates Zomato’s gross merchandise value (GMV) growth for Q2FY25 to be around 7 per cent quarter-on-quarter. JPMorgan said the online food aggregator has increasingly focused on convenience and quick commerce business and this is attracting retail customers. The brokerage said Zomato is expanding its reach to all metros after proving the model in NCR. CLSA said the stock remains a favourite among consumers due to its rapid growth and Blinkit’s market share gain. On the technical front, Zomato is in a strong uptrend. Pravesh Gaur, Senior Technical Analyst at Swastika Investmart advises investors to hold the stock with a target price of Rs 280-300 with a stop loss of Rs 240.
As soon as Modi government’s new scheme got approved, this stock rocketed, price reached ₹ 152
Loot of buying shares of electric bus manufacturing company, impact of government announcement
As soon as Modi government’s new scheme got approved, this stock rocketed, price reached ₹ 152
Loot of buying shares of electric bus manufacturing company, impact of government announcement
consistently giving profits
The multibagger stock has gained over 123 per cent so far this year, outperforming the Nifty’s return of 14 per cent. The counter has gained nearly 179 per cent in the last 12 months, more than doubling investors’ money. In comparison, the Nifty has gained 28 per cent during this period. Let us tell you that Zomato’s IPO came in the year 2021 at a price of ₹ 76.
