Zomato share price update
Zomato stock price has experienced a consistent upward trajectory over the past year. Having reached a low point of approximately ₹50 per share about a year ago, Zomato has become an attractive option for investors looking to buy during price declines. Today, on March 26, the stock opened with an upward momentum, reaching an intraday peak of ₹183.40 per share on the NSE, marking a remarkable surge of over 250% in the past year. As it ascended to this intraday peak during Tuesday’s trading, Zomato’s stock also achieved a new milestone.
Blinkit, Zomato’s quick-commerce division, has increased its delivery fees by Rs 11-35 in specific regions within the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR). Market experts anticipate that the heightened delivery charges will bolster Zomato’s revenue and profitability.
Albinder Dhindsa, CEO of Blinkit, expressed gratitude for achieving record-high orders, orders per minute (OPM), and various other performance metrics. He thanked customers for selecting Blinkit for their Holi necessities, with items like Gulal (Holi colors), water balloons, white T-shirts, liquid detergents, and sweets being among the most popular on quick-commerce platforms.
Zomato share price
In addition to festive demand, Zomato is expected to benefit from the Indian Premier League (IPL) in the first quarter of FY25. Experts suggest that new-age internet stocks present an opportunity for investors to participate in India’s digital transformation and leverage the growth potential of the technology sector.
Brokerage firm Bernstein has assigned an ‘outperform’ rating to Zomato with a target price of Rs 200 per share, while domestic broker Kotak Institutional Equities recommends the stock with a target of Rs 190 and a ‘buy’ rating. JM Financial also rates Zomato as a ‘buy’ with a target price of Rs 200.
Zomato share price update.
