Zomato Share Price Surges Over 1% to Rs 230, Experts Expect More Growth 🚀
On Wednesday, Zomato’s share price increased by more than 1% to reach Rs 230 on the third trading day of the week. Experts are optimistic about the stock’s performance as it surges at a time when Sensex and Nifty are at an all-time high.
Axis Securities has given a buy rating to Zomato’s shares, advising investors to purchase them. Brokers estimate that the share price could reach up to Rs 280, representing a growth of over 20% compared to the current value. The all-time high for the share stands at Rs 232.
Zomato’s share value was recorded on July 15. Last year on August 3, it had dropped to a low of Rs 80.99, hitting the 52-week low. The company has seen a rapid growth of 173% in its shares over the past year.
According to brokerage firms, Zomato has benefited from its profitability in the hyperpure and quick commerce segments. Axis Securities expects Zomato to strengthen its presence in the food delivery market and gain market share by continuously adopting new technologies and innovations.
Brokers are positive about Zomato as the food delivery business shows great potential for growth. They predict that by 2030, India’s urban population will increase significantly, reaching around 42-43% of the total population.
Axis Securities believes that the hyperpure and quick commerce verticals will boost Zomato’s revenue. With a promising outlook, Zomato’s shares are expected to continue their upward trajectory.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
