Mar 26, 2024 03:48 PM IST
Zomato share price: Zomato stock was up more than 1.35 per cent to ₹176.45 and commanded a total market capitalization of more than 1.55 lakh crore.
Zomato share price: Shares of Zomato Ltd hit an all-time high today (March 26) as the market resumed for the last trading week of FY24 after Holi. Zomato stock was up more than 1.35 per cent to ₹176.45 and commanded a total market capitalization of more than 1.55 lakh crore. This comes after e-commerce arm of Zomato Blinkit hiked its delivery charges by ₹11-35 in certain areas in the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) which are likely to boost Zomato’s topline and profitability.
Zomato stock opened upside today and went on to touch an intraday high of ₹183.40 per share level on NSE. In the past one year, the shares have logged over 250 percent rise in the last one year.
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Read more: Zomato CEO Deepinder Goyal thinks this is a bad reason to start a company: ‘I don’t think that works at all’
Zomato share price: Is it the Blinkit effect?
Albinder Dhindsa, CEO of Blinkit said, “We hit our all time high orders, OPM (orders per minute), and almost every other metric on the board! Thank you for choosing us for your Holi needs.” Among the most ordered products on e-commerce platforms were Gulal, water balloons, white T-shirts, detergents and sweets.
Read more: Deepinder Goyal on what happened after backlash on Zomato’s ‘Pure Veg’ feature: ‘Was on Zoom call for 20 hours’
Is Zomato share price rising because of IPL?
Zomato could also be reaping benefits of Indian premier league (IPL) in the first quarter of FY25.
Read more: Zomato CEO Deepinder Goyal marries Mexican model Grecia Munoz
What Bernstein and other brokerages said on Zomato stock?
Brokerage firm Bernstein gave an ‘outperform’ rating on Zomato with a target price of ₹200 on the stock. Meanwhile, broker Kotak Institutional Equities put the stock at ₹190 with a ‘buy’ rating. JM Financial has a ‘buy’ rating on Zomato and put a target price of ₹200.
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