Zomato shares have been a hot topic in the stock market recently. As of October 15, 2024, the share price was reported at ₹278.85, reflecting a slight decline of 0.34% from the previous close of ₹279.80. This follows a remarkable year where Zomato’s stock has surged by 124% year-to-date, making it one of the standout performers in the market.
Main Points
- Current Share Price: ₹278.85
- Previous Close: ₹279.80
- Year-to-Date Gain: 124%
- 52-Week High: ₹298.20 (reached on September 24, 2024)
- 52-Week Low: ₹100.00 (recorded on October 3, 2023)
Zomato’s stock has shown impressive growth this year, and analysts are closely watching its performance as it approaches critical resistance levels. The stock has been trading around its resistance zone, with analysts suggesting that profit booking might be a prudent strategy for some investors at current levels.
Expected Price Targets and Important Levels
Analysts have provided various insights regarding Zomato’s price targets and critical support and resistance levels:
- Support Level: ₹274
- Resistance Level: ₹290
- A decisive close above ₹290 could lead to further gains towards ₹300.
- The expected trading range for the short term is between ₹265 to ₹300.
Ravi Singh from Religare Broking recommends booking profits at current levels and suggests re-entering near ₹250 for potential upside towards ₹280, with a stop loss set at ₹245.
Recent Developments
In recent news, Zomato announced the resignation of its independent director Gunjan Soni, effective October 11, 2024. This change is attributed to her increased work commitments. Such developments can impact investor sentiment and stock performance.
Financial Metrics
Zomato’s financial metrics indicate a high valuation compared to its earnings:
- Price-to-Earnings (P/E) Ratio: 156.52
- Price-to-Book (P/B) Ratio: 10.76
- Earnings Per Share (EPS): ₹1.77
- Return on Equity (RoE): 6.87%
These figures suggest that while Zomato has shown strong growth, it is also trading at a premium compared to traditional valuation metrics.
The overall market sentiment regarding Zomato remains cautiously optimistic. Many analysts believe that the upcoming quarterly results will be profitable, further supporting the stock’s upward trajectory. However, some caution against overexposure at current price levels due to potential volatility.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
