Zomato share price rises for sixth straight session to a record high. Here's why

Zomato share price: Zomato shares gained 1.49% to a fresh record high of ₹199.75 apiece on the BSE.

Updated on: Apr 12, 2024, 14:35:36 IST

By HT News Desk

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Zomato share price: The share price of Zomato rose over one percent today (April 12) as the stock extended gains for the sixth straight session. Zomato shares gained 1.49% to a fresh record high of ₹199.75 apiece on the BSE. This comes after JM Financial raised the target price on the stock and said that it sees an upside potential of over 32%.

Zomato share price: The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website. (Reuters)

Zomato share price: What JM Financial said on the stock?

JM Financial put a ‘Buy’ rating on the stock and raised Zomato share price target to ₹260 per share from ₹200 earlier. The brokerage cited a significant rise of Blinkit, Zomato's quick commerce business. JM Financial's three-year target price for Zomato stands at ₹400 per share.

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“We value food delivery at ~50x Mar'26 pre-IND AS EV/EBITDA, a significant premium to leading listed QSRs as it is a diversified play on the organized food services industry, dependent neither on growth of a few players nor on changing consumer appetite for any cuisine and operates on a lean business model, with limited need for capex or working capital investments," JM Financial said in a report.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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Zomato share price rises for sixth straight session to a record high. Here's why

Zomato share price: Zomato shares gained 1.49% to a fresh record high of ₹199.75 apiece on the BSE.

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Zomato share price: What JM Financial said on the stock?

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