Zomato Share Price: Bullish Momentum, Analyzing the 12% Spike in Share Price
Monday, September 02, 2024: Zomato Ltd., the popular food delivery and restaurant discovery platform, has seen its share price soar by 12% today, reaching an intraday high of ₹278.70. The surge in stock price comes on the back of the company’s impressive financial performance in the second quarter of the fiscal year 2024-25.
Main Points
- 1 Live Today, Next Day price forecast of Zomato Share Price
- 2 Market Performance of Zomato Share Price
- 3 Technical Analysis of Zomato Share Price
- 4 Fundamental Analysis of Zomato Share Price
- 5 Today’s Target Prediction of Zomato Share Price
- 6 Intraday Trading Levels of Zomato Share Price
- 7 Quarterly Results Analysis of Zomato Share Price
- 8 Market Outlook of Zomato Share Price
- 9 Compare Peer Stocks
- 10 Keys Factors of Zomato Share Price
- 11 Bearish and Bullish Trends of Zomato Share Price
- 12 Today Update News of Zomato Share Price
- 13 Important Levels of Zomato Share Price
- 14 Movement Causes
- 15 52 Week High Low
Zomato’s share price closed at ₹262.34, up from the previous close of ₹234.09, reflecting a significant jump of 12.07%. The trading volume also saw a massive increase, with over 38 million shares changing hands during the day’s session.
The strong performance of Zomato’s stock has been a key driver of the company’s market capitalization, which has now crossed the ₹2.5 lakh crore mark. This places Zomato among the top-performing stocks in the Indian market, with a year-to-date return of over 88%.
Technical indicators suggest that Zomato’s stock is currently in a bullish trend. The 14-day Relative Strength Index (RSI) stands at 65, indicating that the stock is neither overbought nor oversold. The 50-day moving average (₹243.50) has been crossed, indicating a positive sentiment among investors.
Zomato’s strong financial performance has been a key driver of its stock price. In the second quarter, the company reported a total income of ₹4,442 crore and a profit of ₹253 crore on a consolidated basis. This represents a significant improvement over the previous quarter and has instilled confidence in investors.
Tata Steel Share Price 2 September 2024: ₹152.76 – Key Factors Driving the Stock
HDFC Bank share price can go from 1620 to 1790 today, know what big investors say
Analysts are bullish on Zomato’s growth prospects, with a consensus target price of ₹300 per share. The company’s focus on expanding its footprint in the food delivery market and diversifying into new verticals, such as grocery delivery and cloud kitchens, has been well-received by the market.
Zomato’s stock is expected to face resistance at ₹280 and ₹290 levels. However, if the stock manages to break above these levels, it could rally further towards the ₹300 mark. On the downside, support is seen at ₹250 and ₹240 levels.
Zomato’s strong performance in the second quarter has been driven by a combination of factors, including an increase in the number of active users, higher order volumes, and improved operational efficiency. The company’s focus on expanding its delivery fleet and optimizing its supply chain has also contributed to its success.
The food delivery market in India is expected to continue growing at a rapid pace, driven by factors such as increasing smartphone penetration, rising disposable incomes, and changing consumer preferences. Zomato is well-positioned to capitalize on this growth, thanks to its strong brand recognition, extensive restaurant network, and innovative technology platform.
Compare Peer Stocks
Zomato’s closest competitor, Swiggy, has also seen its stock price rise in recent months, but not to the same extent as Zomato. Swiggy’s market capitalization stands at around ₹1.8 lakh crore, compared to Zomato’s ₹2.5 lakh crore.
The key factors driving Zomato’s stock price include its strong financial performance, market leadership, and growth prospects. The company’s focus on expanding its delivery fleet, optimizing its supply chain, and diversifying into new verticals has also been well-received by investors.
While Zomato’s stock has been on a bullish run in recent months, there are some concerns about the company’s ability to maintain its growth momentum in the long run. Factors such as increasing competition, regulatory changes, and macroeconomic conditions could pose challenges for the company.
Zomato’s share price has been a hot topic in the market today, with investors closely watching the company’s performance. The strong Q2 results have reinforced the company’s position as a market leader and have fueled optimism about its future growth prospects.
Zomato’s stock is currently trading above its 50-day moving average of ₹243.50, indicating a positive sentiment among investors. The stock has also broken above the ₹250 resistance level, which could pave the way for further gains.
Movement Causes
The surge in Zomato’s share price has been driven by a combination of factors, including strong financial performance, market leadership, and growth prospects. The company’s focus on expanding its delivery fleet, optimizing its supply chain, and diversifying into new verticals has also contributed to its success.
52 Week High Low
Zomato’s stock has hit a new 52-week high of ₹278.70 today, surpassing its previous high of ₹280.90 recorded on August 19, 2024. The stock has also seen a significant recovery from its 52-week low of ₹88.30, which was recorded on October 19, 2023.
Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock
