New Delhi. Zomato stock is witnessing a stormy rise today. Today, the stock of the food aggregator company opened with a gain of five per cent at Rs 244.50 as against yesterday’s closing price of Rs 234. Shortly after the start of trading, it rose by about 19 per cent and reached an all-time high of Rs 278.70. At the time of writing the news, the Zomato stock was trading at Rs 260.62 on the NSE with a gain of 11.33 per cent. Yesterday also, the Zomato stock had touched its all-time high. After the excellent results of the June quarter, this stock has gained strongly. Many brokerage houses have also advised investors to buy this Zomato stock.
Zomato’s profit in the first quarter of FY 2024-25 has increased 126 times on an annual basis. The company has made a net profit of Rs 253 crore in this quarter. Zomato’s operating income has increased by 75 percent to Rs 4206 crore. In the first quarter of the last financial year, the company got a revenue of Rs 2416 crore. On a quarterly basis, the company’s revenue in the last quarter of FY 2023-24 was Rs 3562 crore. The company’s revenue has also increased by 18 percent on a quarterly basis. In the June quarter, the company’s EBIDTA came to Rs 177 crore.
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Brokerages bullish on Zomato shares
After the company released better-than-expected Q1 results, many brokerage houses have increased the target price of Zomato shares. Brokerage firm Nuvama has maintained its ‘buy’ rating on Zomato shares. The brokerage has raised the target price of the stock from ₹245 to ₹285. Nuvama wrote in its note, “The company once again performed better than expected on all counts. Management has guided for over 20 per cent growth in food delivery in the short term and aims to increase the number of Blinkit’s dark stores from 639 in Q1FY25 to 2,000 by the end of CY26.”
Brokerage firm Motilal Oswal Financial Services has also maintained its ‘buy’ rating on Zomato shares. The brokerage has set the target price of the stock at Rs 300. This means that this stock can increase by 28 percent from the current price. Motilal said that Zomato’s food delivery business is stable and Blinkit is providing opportunities to bring change in industries like retail, grocery and e-commerce.
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Tags: Business news, Share market, Stock market, Stock market today
FIRST PUBLISHED : August 2, 2024, 11:45 IST