Online food delivery platform Zomato turned from losses to profit, its stock is rising at a rapid pace. With the start of trading in the stock market on Monday, the first trading day of the week, it jumped by 6 percent and reached its all-time high level. In view of the ongoing rise in Zomato stock for some time, the brokerage has now given it a new target of Rs 300 (Zomato Share New Target).
The stock became a rocket as soon as the market opened
First of all, let us talk about the rise in Zomato shares with the opening of the stock market on Monday. Let us tell you that with the opening of the market, Zomato Share opened at the level of Rs 278 and within a few minutes it increased by 5.8 percent. With a surge it reached the level of Rs 280.90. This is the all-time high level of Zomato share. The continuous rise in the stock has also affected the market cap of the company and it has increased to Rs 2.33 lakh crore.
Here the shares are rising, on the other side the business is also at a high.
On one hand, Zomato’s shares are in a storm, on the other hand, the business of its quick commerce unit Blinkit is also growing at the speed of rocket. While Zomato Share touched an all-time high on Monday, Blinkit CEO Albinder Dhindsa while sharing the information said that on Sunday his company broke the old record of highest number of orders in a day in just a few minutes.
1 lakh converted into 3 lakh in a year
For the last one year, Zomato’s shares have maintained a strong rise and are continuously making profits to the investors. If we look at the performance of the stock, in just one year, Zomato Share has tripled the investors’ money while giving a huge return of almost 200 percent. On August 21, 2023, the price of one share of the company was only Rs 89.75, which has now crossed the level of Rs 280. Accordingly, Zomato has given a return of 202 percent in one year. In terms of returns, Zomato has emerged as a multibagger stock for investors in just one year.
In the last six months, those investing in this stock have got returns of about 70 percent, while in the last one month the share price has increased by more than 22 percent.
Brokerage has given Buy rating
If we talk about the reasons behind the rise in Zomato stock on Monday, then one reason can be given to the local positive sentiment and increase in the target price of all the brokerages. In fact, foreign brokerage house UBS, while maintaining the Buy rating of Zomato, has increased its target price to Rs 320 from Rs 260.
(Note- Before making any investment in the stock market, definitely take advice from your market experts.)