Zomato's stock surges 270% in the past year, expected to see further growth in market value.

From Mint: 2024-04-05 05:32:00

Zomato’s share price has surged by 270% in the past year, with experts predicting strong Q4FY24 performance. The food delivery company’s stable quarterly results and Blinkit’s growth have boosted investor confidence. India’s growing food delivery market may lead to further growth in Zomato’s gross order value (GOV) and revenues.

Blinkit, Zomato’s quick commerce arm, is expected to see impressive growth in gross merchandise value (GMV) and revenues, according to Kotak Institutional Equities. Despite a high GMV growth in Q3FY24, Blinkit is projected to maintain positive contribution margin and lower EBITDA loss in Q4FY24.

Technical analysis suggests that Zomato’s stock has potential for significant upside, with a target range of ₹220-250. The stock has broken out from a rounding bottom formation and is trading in uncharted territory, indicating bullish momentum. It is advised to consult experts before making any investment decisions.



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