Zomato Share Price Surges on Friday
Food delivery platform Zomato’s shares saw a rapid increase on Friday, reaching a 52-week high. The company’s share price rose by 17% to reach a high of ₹278. The share closed at ₹234 yesterday and opened at ₹244 on Friday. By 1:30 PM, the share was trading around ₹261 after a significant surge.
Zomato Limited reported strong results on Thursday, leading the company’s market capitalization to cross ₹2.27 lakh crore. This marks the highest quarterly profit of ₹253 crore, compared to a loss of ₹48 crore last year. The company’s revenue from food delivery and Blinkit showed good growth on a quarterly and yearly basis.
Quick Commerce GOV has seen a 130% increase, making Zomato shares the top performer in the internet shares category, as per brokerage house Bernstein. Blinkit aims to open 2000 stores by 2026. On Monday (5th August 2024), the share was trading at ₹257 with a 2.04% decline.
CLSA has set an outperform rating of ₹350 for investing in Zomato shares. Additionally, Goldman Sachs has raised its target price to ₹280 with a buy rating. CITI has also increased its target price to ₹280 with a buy rating.
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