Zomato witnessed a historic trading session on Tuesday, march 26, 2024, as its stock soared to an all-time high of Rs 183.65, surpassing its previous record. The day concluded with zomato shares closing at Rs 182.60, marking a remarkable surge of 4.82 percent. This surge propelled Zomato's market capitalization to over Rs 1.61 lakh crore.
The festive occasion of holi proved to be exceptionally lucrative for zomato, with users flocking to the platform to order traditional sweets like Gujiya and other festive essentials through the zomato app. Additionally, Zomato's online grocery subsidiary, Blikint, witnessed a surge in shopping activity, with users purchasing a wide range of items including white T-shirts, water guns, colours, gulal, and sweets.
The positive impact of the vibrant festival reflected in Zomato's stock performance during Tuesday's trading session, showcasing robust returns for its shareholders. Looking ahead, brokerage reports suggest that Zomato's upward trajectory is poised to continue. Foreign brokerage firm CLSA has recommended investors to buy zomato stock, setting a target price of Rs 227, while Jefferies has issued a target price of Rs 205.
Reflecting on Zomato's remarkable journey, exactly a year ago, on march 28, 2023, the company's shares were trading at Rs 49, even below its IPO price of Rs 76. However, buoyed by stellar quarterly results and growing investor confidence over the past year, Zomato's stock has delivered exceptional returns to its investors.
With a staggering return of 274 percent over the past year, including a 48 percent surge in 2024 alone and an 83 percent rise in the last six months, zomato has emerged as a standout performer in the market, rewarding its shareholders with substantial gains.
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