Zomato shares tripled from 52-week low this year; here's the outlook for 2024
Zomato share price today: Zomato shares ended 0.35% higher at Rs 128 on BSE today. Earlier, Zomato stock opened higher at Rs 130.30.
- Dec 22, 2023,
- Updated Dec 22, 2023 4:53 PM IST
Shares of online food delivery provider Zomato Ltd have nearly tripled from their 52-week low in 2023. The stock, which fell to yearly low of Rs 44.35 on January 25, 2023 hit a high of Rs 131 in the current session, delivering 195% returns during the period. The stock came close to touch its 52-week high of Rs 131.75 reached on December 19, 2023.
Zomato shares ended 0.35% higher at Rs 128 on BSE today. Earlier, Zomato stock opened higher at Rs 130.30. In a year, the Zomato stock has risen 116.28% and climbed 111.62% in 2023.
A total of 51.86 lakh shares of Zomato changed hands amounting to a turnover of Rs 66.65 crore on BSE. The market cap of the firm rose to Rs 1.11 lakh crore on Friday.
Also read: Zomato is CLSA's top pick in consumer space; foreign brokerage shares target price
In terms of technicals, the relative strength index (RSI) of Zomato stock stands at 61, signaling it's trading neither in the overbought nor in the oversold zone. Zomato shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
International brokerage CLSA has a share price target of Rs 168 on the Zomato stock.
Zomato Ltd is its top pick in the consumer space. With competitive pricing in addition to the convenience of a 10-20 minute delivery, CLSA believes quick commerce can be viable across cities in India, beyond the metros and tier-1 cities.
"With Blinkit achieving a positive contribution in Q2FY24, we believe added scale as they expand their dark store network and city reach will drive positive adjusted Ebitda in FY25," the foreign brokerage said.
The brokerage has a share price target of Rs 168 on Zomato Ltd.
Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher said," The stock has witnessed a decent rally in the last 7-8 months recovering from Rs 49 levels and with series of higher lows formation visible on the daily chart, the stock has been in a strong uptrend. With recently moving past the previous high of 126 levels, the stock has improved the bias and can expect for next near-term target of Rs 140 levels with support maintained strong near Rs 117 zone of the significant 50EMA level from current level."
Abhijeet from Tips2trades said, "Zomato is slightly bearish on the Daily charts with next resistance at 134. A daily close below support of 120 could lead to 105 in the near term."
Zomato reported a net profit of Rs 36 crore in the September quarter against a net loss of Rs 251 crore during the same quarter last year. Revenue in Q2 climbed 72% year-on-year to Rs 2,848 crore from Rs 1,661 crore in the September 2022 quarter.
On a sequential basis, the company's revenue rose 18%, while the operating loss remained nearly the same. During the June quarter, Zomato had reported a net profit of Rs 2 crore.
Also read: Sensex reclaims Mt 71,000; Nifty gains 75 points; Wipro rises 6%; Allcargo Gati dives 13%
Shares of online food delivery provider Zomato Ltd have nearly tripled from their 52-week low in 2023. The stock, which fell to yearly low of Rs 44.35 on January 25, 2023 hit a high of Rs 131 in the current session, delivering 195% returns during the period. The stock came close to touch its 52-week high of Rs 131.75 reached on December 19, 2023.
Zomato shares ended 0.35% higher at Rs 128 on BSE today. Earlier, Zomato stock opened higher at Rs 130.30. In a year, the Zomato stock has risen 116.28% and climbed 111.62% in 2023.
A total of 51.86 lakh shares of Zomato changed hands amounting to a turnover of Rs 66.65 crore on BSE. The market cap of the firm rose to Rs 1.11 lakh crore on Friday.
Also read: Zomato is CLSA's top pick in consumer space; foreign brokerage shares target price
In terms of technicals, the relative strength index (RSI) of Zomato stock stands at 61, signaling it's trading neither in the overbought nor in the oversold zone. Zomato shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
International brokerage CLSA has a share price target of Rs 168 on the Zomato stock.
Zomato Ltd is its top pick in the consumer space. With competitive pricing in addition to the convenience of a 10-20 minute delivery, CLSA believes quick commerce can be viable across cities in India, beyond the metros and tier-1 cities.
"With Blinkit achieving a positive contribution in Q2FY24, we believe added scale as they expand their dark store network and city reach will drive positive adjusted Ebitda in FY25," the foreign brokerage said.
The brokerage has a share price target of Rs 168 on Zomato Ltd.
Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher said," The stock has witnessed a decent rally in the last 7-8 months recovering from Rs 49 levels and with series of higher lows formation visible on the daily chart, the stock has been in a strong uptrend. With recently moving past the previous high of 126 levels, the stock has improved the bias and can expect for next near-term target of Rs 140 levels with support maintained strong near Rs 117 zone of the significant 50EMA level from current level."
Abhijeet from Tips2trades said, "Zomato is slightly bearish on the Daily charts with next resistance at 134. A daily close below support of 120 could lead to 105 in the near term."
Zomato reported a net profit of Rs 36 crore in the September quarter against a net loss of Rs 251 crore during the same quarter last year. Revenue in Q2 climbed 72% year-on-year to Rs 2,848 crore from Rs 1,661 crore in the September 2022 quarter.
On a sequential basis, the company's revenue rose 18%, while the operating loss remained nearly the same. During the June quarter, Zomato had reported a net profit of Rs 2 crore.
Also read: Sensex reclaims Mt 71,000; Nifty gains 75 points; Wipro rises 6%; Allcargo Gati dives 13%