Zomato gave more than 100 percent return!!!
Food delivery platform zomato has made investors happy in the year 2024. Zomato's stock has jumped by about 112 percent this year. zomato shares have gone up 169 percent in the last 12 months. This year also it has given positive returns in 7 out of 8 months. Now questions are arising in the minds of people whether this is the right time to invest in zomato shares. On this, global brokerage firm Nomura has given its opinion to investors. Let us understand what the future of zomato stock is going to be.
Nomura sets target price of zomato stock at Rs 280
On Tuesday, Zomato's stock fell by Rs 7.30. It closed at Rs 249. According to Nomura, the target price of zomato stock is Rs 280. The brokerage firm has given it a buy rating. They believe that it can go up by about 9 percent more now. This rating was given due to Zomato's good quarterly results. Nomura has said that Zomato's chances of further growth are strong. It will benefit not only from food delivery but also from quick commerce platform Blinkit.
Went up about 14 percent in the last 4 trading sessions
zomato stock has increased by about 14 percent in the last 4 trading sessions in August. It went up 14.4 percent in July and about 12 percent in June. In May alone, Zomato's stock went down by about 7.25 percent. It went up 12.8 percent in January, 18.5 percent in February, 10 percent in march and 6 percent in April. It also touched a record high of Rs 278.45 on august 2. The 52-week low of zomato stock is Rs 88.16. From there it has come up by about 197 percent.
Net profit jumped from Rs 2 crore to Rs 253 crore
In the first quarter of FY 2024-25, Zomato's consolidated net profit has jumped from Rs 2 crore in the same period a year ago to Rs 253 crore. Zomato's cash reserve has crossed the figure of Rs 12 thousand crore. Revenue has also increased by 74 percent to Rs 4,206 crore. Gross order value has increased by 53 percent to Rs 15,455 crore. zomato has also increased its earnings well by increasing platform fees.
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