Zomato shares hit new record high: Major reasons pushing the stock upwards including IPL effect - Hindustan Times
close_game
close_game

Zomato shares hit new record high: Major reasons pushing the stock upwards including IPL effect

Mar 26, 2024 11:07 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 share price: Blinkit and Zomato logos are seen in this illustration. Zomato stock opened upside today and went on to touch an intraday high of <span class='webrupee'>₹</span>183.40 per share level on NSE.(Reuters)
Zomato share price: Blinkit and Zomato logos are seen in this illustration. Zomato stock opened upside today and went on to touch an intraday high of 183.40 per share level on NSE.(Reuters)

Zomato share price today

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.

Unlock exclusive access to the story of India's general elections, only on the HT App. Download Now!

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.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, April 17, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On