Zomato Share Price is going to remain bullish till Rs 299, know what are the levels for tomorrow
Zomato’s share price has been a focal point for investors, especially following significant fluctuations over the past year. As of October 8, 2024, Zomato’s stock is trading at ₹273.15, reflecting a modest increase of 2.65% from its previous close of ₹275.30. This performance comes on the heels of a notable rise in market activity and investor interest in the company.
Main Points
Zomato’s stock has shown considerable volatility, reaching a 52-week high of ₹298.25 on September 23, 2024, and a 52-week low of ₹61.80 recorded on October 9, 2023. The current trading environment suggests that Zomato is experiencing a recovery phase after hitting its lows last year. Over the past six months, the stock has surged by approximately 61.8%, indicating strong market confidence.
Key Metrics
- Current Share Price: ₹273.15
- Previous Close: ₹275.30
- Today’s Low: ₹262.60
- Today’s High: ₹280.80
- Market Capitalization: ₹241,796.8 Crores
- P/E Ratio: 401.7
- EPS (Earnings Per Share): ₹1.77.
Volume and Trading Activity
The trading volume for Zomato has been robust, with over 33 million shares exchanged today, reflecting heightened investor activity. This level of engagement indicates a strong interest in Zomato’s future prospects.
Analyst Insights and Future Targets
Financial analysts have varied predictions regarding Zomato’s future share price trajectory. According to several reports, the target price for Zomato shares ranges between ₹235 and ₹278.65, suggesting a potential upside from current levels. Analysts maintain a cautiously optimistic outlook, given the company’s recent performance metrics and market positioning.
Several factors are influencing Zomato’s share price:
- Revenue Growth: Zomato has reported consistent revenue growth over the last nine quarters, increasing from ₹1,350 Crores to ₹3,790 Crores.
- Profitability Trends: The company posted a consolidated net profit of ₹175 Crores in Q4 FY24, marking a significant turnaround from losses in previous quarters.
- Investor Sentiment: The increase in retail and foreign institutional holdings suggests growing confidence among investors regarding Zomato’s long-term growth potential.
Important Levels to Watch
For investors monitoring Zomato’s stock performance, several key levels are crucial:
- Support Level: Around ₹262; breaking below this could indicate further declines.
- Resistance Level: Approximately ₹280; surpassing this may signal bullish momentum.
Market Sentiment and Competitive Landscape
The competitive landscape for Zomato remains challenging as it faces increasing competition in the quick commerce sector. However, the company’s strategic initiatives to enhance its service offerings and customer experience could mitigate these challenges.
Recent Developments
Zomato is reportedly exploring acquisitions to bolster its service portfolio further. Discussions regarding acquiring Paytm Insider for its ticketing business could expand its market reach significantly. Such strategic moves are likely to impact investor sentiment positively.
