Shares of the online food delivery company and restaurant aggregator Zomato hit another high on 3 September 2021. The company’s shares reached a new excessive of Rs. 150.50, a 9% surge on the BSE intra-day trade. Moreover, combined equity shares of 102 million changed hands on the BSE and NSE (data as of 3:05 PM, 3 September 2021).
With this feat, Zomato’s shares indicated a sharp rally in their stock price. As a result, the company has overtaken personal products enterprises, such as Dabur India and Godrej Consumer Products, in terms of overall market capitalisation ranking for businesses enlisted on the BSE.
In addition, Zomato stood tall with a market capitalisation of Rs. 1.16 trillion. Furthermore, the company reached the 40th position, thereby securing a lead ahead of Bajaj Auto, Vedanta, Shree Cement, and NTPC.
The food service provider exhibited a mixed show in its first quarterly results as a listed company. Highlighted below are the key points of its performance in Q1FY22:
Zomato shares touched a new high of Rs. 150.50 on the BSE, thereby surpassing its previous record high of Rs. 147.80. The company has received a ‘buy’ rating from analysts with Rs. 220 per share target price. This comes premised on their conviction that the industry will demand inelasticity and continue being a duopoly with cost/discount discipline.
Furthermore, it is expected that Zomato will witness a J-shaped improvement due to improved delivery dynamics and maturing customer cohorts. For more information on Zomato, keep an eye on the Angel One blogs.
Zomato began operations in 2010.
The opening date of Zomato’s initial public offering was 14 July 2021. Thereafter, the IPO closed on 16 July 2021.
Existing customers can buy shares of Zomato via the Angel One app. That said, individuals who are new to investing can open a DEMAT account with Angel One and buy shares of Zomato.
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