Foodtech giant Zomato‘s shares surged͏͏ to͏͏ a͏͏ new͏͏ all-time͏͏ high͏͏ of͏͏ INR͏͏ 290.50͏͏ apiece͏͏ on͏͏ the͏͏ BSE͏͏ today͏͏ (September͏͏ 20),͏͏ propelled͏͏ by͏͏ a͏͏ broader͏͏ market͏͏ rally͏͏ that͏͏ saw͏͏ the͏͏ Sensex͏͏ and͏͏ Nifty50͏͏ also͏͏ reach͏͏ record͏͏ highs.
The͏͏ stock͏͏ climbed͏͏ over͏͏ 4%͏͏ in͏͏ early͏͏ trading͏͏ but͏͏ later͏͏ trimmed͏͏ some͏͏ gains,͏͏ trading͏͏ 3.01%͏͏ higher͏͏ at͏͏ INR͏͏ 287.25͏͏ apiece͏͏ on͏͏ the͏͏ BSE͏͏ at͏͏ 12:03͏͏ PM.
High͏͏ Trading͏͏ Volume͏͏ Reflects͏͏ Investor͏͏ Confidence:
Over͏͏ 4.82͏͏ crore͏͏ Zomato͏͏ shares͏͏ had͏͏ traded͏͏ on͏͏ the͏͏ BSE͏͏ and͏͏ NSE͏͏ by͏͏ the͏͏ time͏͏ of͏͏ publishing͏͏ this͏͏ story,͏͏ indicating͏͏ increasing͏͏ investor͏͏ confidence͏͏ in͏͏ the͏͏ stock.
Sensex͏͏ and͏͏ Nifty50͏͏ Hit͏͏ Historic͏͏ Peaks:
The͏͏ surge͏͏ in͏͏ Zomato’s͏͏ share͏͏ prices͏͏ coincided͏͏ with͏͏ the͏͏ 30-share͏͏ Sensex͏͏ crossing͏͏ the͏͏ 84,000͏͏ mark͏͏ for͏͏ the͏͏ first͏͏ time͏͏ in͏͏ history.͏͏ The͏͏ index͏͏ rose͏͏ nearly͏͏ 1.3%͏͏ to͏͏ reach͏͏ a͏͏ new͏͏ intraday͏͏ peak͏͏ of͏͏ 84,248.69.
The͏͏ NSE͏͏ Nifty͏͏ 50͏͏ also͏͏ rose͏͏ 1.2%,͏͏ reaching͏͏ a͏͏ new͏͏ all-time͏͏ intraday͏͏ high͏͏ of͏͏ 25,726.65.͏͏ This͏͏ record-breaking͏͏ performance͏͏ in͏͏ the͏͏ broader͏͏ market͏͏ followed͏͏ the͏͏ US͏͏ Federal͏͏ Reserve’s͏͏ decision͏͏ to͏͏ cut͏͏ interest͏͏ rates͏͏ by͏͏ half͏͏ a͏͏ percentage͏͏ point͏͏ for͏͏ the͏͏ first͏͏ time͏͏ in͏͏ four͏͏ years,͏͏ bringing͏͏ the͏͏ rates͏͏ down͏͏ to͏͏ approximately͏͏ 4.9%.
JP͏͏ Morgan͏͏ Increases͏͏ Zomato’s͏͏ Target͏͏ Price:
It’s͏͏ important͏͏ to͏͏ note͏͏ that͏͏ brokerage͏͏ firm͏͏ JP͏͏ Morgan͏͏ recently͏͏ reaffirmed͏͏ its͏͏ “overweight”͏͏ rating͏͏ on͏͏ Zomato,͏͏ increasing͏͏ its͏͏ target͏͏ price͏͏ to͏͏ INR͏͏ 340͏͏ per͏͏ share͏͏ from͏͏ INR͏͏ 208.͏͏ This͏͏ suggests͏͏ an͏͏ upside͏͏ potential͏͏ of͏͏ nearly͏͏ 22%͏͏ from͏͏ the͏͏ stock’s͏͏ closing͏͏ price͏͏ today.
Continue͏͏ Exploring:͏͏ Zomato shares surge͏͏ 7.7%͏͏ after͏͏ JP͏͏ Morgan͏͏ raises͏͏ target͏͏ price͏͏ to͏͏ INR͏͏ 340
Zomato͏͏ shares͏͏ have͏͏ surged͏͏ over͏͏ 124%͏͏ year͏͏ to͏͏ date,͏͏ driven͏͏ by͏͏ the͏͏ foodtech͏͏ giant’s͏͏ improving͏͏ profitability͏͏ and͏͏ the͏͏ introduction͏͏ of͏͏ several͏͏ attractive͏͏ features,͏͏ including͏͏ group͏͏ ordering͏͏ and͏͏ ticket͏͏ rescheduling.
Q1͏͏ FY25͏͏ Results͏͏ Show͏͏ Strong͏͏ Growth:
Zomato’s͏͏ profit͏͏ soared͏͏ to͏͏ INR͏͏ 253͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ a͏͏ significant͏͏ increase͏͏ from͏͏ INR͏͏ 2͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.͏͏ Revenue͏͏ from͏͏ operations͏͏ also͏͏ rose͏͏ 74%,͏͏ reaching͏͏ INR͏͏ 4,206͏͏ crore͏͏ compared͏͏ to͏͏ INR͏͏ 2,416͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.
