Zomato Share Price may become bullish after Rs 263, see what is the updated news
Zomato Ltd. (NSE: ZOMATO) saw its share price decline by 2% on Thursday, closing at ₹242.90 on the National Stock Exchange (NSE). The drop came as the Nifty, the benchmark index of the NSE, also fell during the trading session.
Main Points
Zomato’s share price has been volatile in recent weeks, reaching a 52-week high of ₹281.50 on August 19, 2024. However, the stock has since pulled back, with the current price representing a 14% decline from the all-time high.
Despite the recent pullback, Zomato’s share price is still up significantly over the past year, with a 52-week low of ₹96.50 recorded on September 12, 2023. The stock has gained nearly 150% in the last 12 months.
Zomato’s current share price of ₹242.90 is below its 200-day moving average, which could be a bearish signal for the stock. The next key support level for the stock is around ₹230, which was a resistance level in the past.
On the upside, the ₹250 level is a crucial resistance area that Zomato needs to break through to regain momentum. If the stock can surpass this level, it could potentially retest the all-time high of ₹281.50.
Zomato reported a profit of ₹470 crore on a total income of ₹2,327 crore for the quarter ended June 2024. For the full year ended June 2024, the company posted a profit of ₹253 crore on a total income of ₹4,442 crore.
At the current share price, Zomato has a market capitalization of ₹2,14,588 crore. The stock trades at a price-to-earnings (P/E) ratio of 359.26 and a price-to-book (P/B) ratio of 10.71.
Most analysts have a positive outlook on Zomato, with 21 out of 24 analysts recommending a “Buy” or “Strong Buy” rating. The average target price for the stock is around ₹300, implying a potential upside of nearly 25% from the current levels.
However, it’s important to note that analyst recommendations and target prices are not always accurate and should be used as a starting point for further research.
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.
