- By Aditya Pratap Singh
- Thu, 12 Sep 2024 02:11 PM (IST)
- Source:JND
Zomato Share price surged 4 percent to hit a new all-time high value at Rs 284.30 per share on NSE on Thursday after USB, a global brokerage firm, held a 'BUY' rating for the stock. The stock opened at Rs 276.30, Up from the previous closing value of Rs 271.75, and soared to hit the new 52-week high.
Zomato shares saw a sharp rally after global JP Morgan raised its target price on the stock to Rs 340 from Rs 208 earlier. The brokerage firm stated that the online food aggregator will be the key driver of rapid retail consumer transformation through convenience-focused and selection-focused fast commerce, resulting in growth of 15-41% for FY25-27.
The stock has been delivering a muti-bagger return for the past two years, in contrast to its timid listing.
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Zomato Stock soars 176% in a year
The stock price of Zomato, a Food delivery and quick-commerce company, soared over 176% in the last 365 days. The stock was at the level of Rs 98.75 per share on September 12, 2023, and on September 12, 2024, the stock breached the Rs 284 per share mark.
In the Last 30 days, the Zomato share price surged over 6 percent and in a week it went up over 13 percent.
Zomato is expanding its reach.
The food delivery and e-commerce giant has been expanding its reach in small cities for a while, Its quick-commerce wing 'Blikit' has been growing at a decent pace every quarter and the company is also exploring new business opportunities- these are the major reasons behind the rally of its shares.
Disclaimer: This is only a update about the recent performance of stock. Jagran does not advise investing, please consult with experts before investing.
