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ICICI Securities Raises Zomato’s PT To INR 300

Inc42 · 1y ago

ICICI Securities Raises Zomato’s PT To INR 300

ICICI Securities has reaffirmed its "BUY" rating on Zomato and raised its price target to INR 300. The brokerage cited the company's sustained growth trajectory and improvement in profitability metrics for the increase. The new PT represents a potential upside of over 67% from the stock's last closing price. Zomato's stock has surged over 200% in the past year due to positive quarterly financial results and new offerings. Multiple brokerages have raised their price targets for the stock, with one expecting it to reach INR 400 in the next five years.

Related News

ICICI Securities Upgrades Awfis To ‘Buy’, Ups Price Target To INR 839 On Expansion Plans

Inc42 · 11m ago

ICICI Securities Upgrades Awfis To ‘Buy’, Ups Price Target To INR 839 On Expansion Plans

ICICI Securities has raised its price target (PT) for Awfis by 11% to INR 839 citing the company's improving financial performance and expansion. This increase comes after Nuvama also gave Awfis a 'Buy' rating and a PT of INR 1,013 earlier this month.

Bernstein Ups Zomato’s Price Target To INR 120, Says Foodtech Raising The Profitability Bar

Inc42 · 1y ago

Bernstein Ups Zomato’s Price Target To INR 120, Says Foodtech Raising The Profitability Bar

Bernstein, a brokerage firm, has raised its price target (PT) for Zomato stock to INR 120 from INR 100 after the foodtech company reported its first-ever profitable quarter in Q1 FY24. Bernstein believes Zomato can achieve long-term, high-teens growth in food delivery with improving contribution margins. The brokerage noted that Zomato's strong execution and profit performance have increased investor confidence. Equirus Securities also initiated coverage on Zomato with a 'long' rating and a PT of INR 135, citing Zomato's dominance in the food delivery space and its potential for robust sales growth.

Nykaa’s Growth Plans Get Thumbs Up From Brokerages, ICICI Securities Raises PT To INR 195

Inc42 · 1y ago

Nykaa’s Growth Plans Get Thumbs Up From Brokerages, ICICI Securities Raises PT To INR 195

ICICI Securities has upgraded the stock rating of Nykaa to 'Add' from 'Hold' and increased its price target to INR 195. Meanwhile, Kotak Institutional Equities has maintained an 'Add' rating with an unchanged fair value of INR 195. Nykaa revealed during its investor day that it anticipates its beauty business to experience a compound annual growth rate of mid-to-late 20s% until FY28.

NCLAT issues notice to ICICI Securities in delisting case | Mint

Livemint

Livemint · 11m ago

NCLAT issues notice to ICICI Securities in delisting case | Mint

- NCLAT issues notice to ICICI Securities following appeal by minority shareholders against delisting approval. - Minority shareholders own 0.002% and 0.08% of ICICI Securities' equity share capital. - NCLT had dismissed objections filed by minority shareholders against delisting in August. - ICICI Securities challenges the maintainability of the petition filed by minority shareholders. - Bench agrees to hear the appeal on its merits. - ICICI Securities announced delisting plan and merger with parent ICICI Bank in June 2023.

SEBI warns ICICI Bank over investor outreach for unit's delisting

VCCircle

VCCircle · 1y ago

SEBI warns ICICI Bank over investor outreach for unit's delisting

India's markets regulator, SEBI, has issued a warning to ICICI Bank over its employees contacting shareholders of ICICI Securities to encourage them to vote in favor of the unit delisting from stock exchanges. ICICI Securities, a subsidiary of ICICI Bank, received shareholder approval for delisting in March. SEBI received multiple complaints regarding ICICI Bank's attempts to persuade ICICI Securities' shareholders, prompting the warning letter. SEBI argued that the bank's outreach created a conflict of interest, calling the situation serious.

I-Sec investors have been crying hoarse. Sebi is listening.

Livemint

Livemint · 1y ago

I-Sec investors have been crying hoarse. Sebi is listening.

The Securities and Exchange Board of India (Sebi) is investigating allegations that employees of ICICI Bank reached out to shareholders of ICICI Securities to influence voting in favor of delisting the company and merging it with the parent firm. More than 500 shareholders complained to Sebi, accusing ICICI Securities of data privacy violations and objecting to the valuation at which the company is being delisted. ICICI Bank and ICICI Securities have stated that they contacted shareholders to explain the vote, however, it is unclear how the bank obtained the shareholders' contact information.

NCLT approves delisting of ICICI Securities, dismisses minority shareholders' petition

YourStory

YourStory · 1y ago

NCLT approves delisting of ICICI Securities, dismisses minority shareholders' petition

The National Company Law Tribunal (NCLT) in Mumbai has approved the delisting application of ICICI Securities from the stock exchanges and has rejected objections from minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. Under the scheme of arrangement, ICICI Securities shareholders will receive 67 shares of ICICI Bank for every 100 shares they hold. Following the delisting, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank. In a separate development, ICICI Securities has settled a case with SEBI by paying Rs 69.82 lakh for an alleged violation of regulatory norms.

NCLT approves delisting of ICICI Securities, dismisses plea raising objection | Mint

Livemint

Livemint · 11m ago

NCLT approves delisting of ICICI Securities, dismisses plea raising objection | Mint

- The National Company Law Tribunal in India has approved ICICI Bank's application for delisting its financial broking arm, ICICI Securities, from the stock exchanges. - The tribunal dismissed two objections to the delisting scheme while approving it, and a detailed order on the matter is awaited. - ICICI Securities had announced its plan to delist and merge with ICICI Bank in June 2023, which was approved by shareholders in March 2024. - As per the delisting plan, shareholders were to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities held. - Minority shareholders expressed concerns about the low value and share-swap ratio, questioning the fairness of the deal. - The Reserve Bank of India approved the delisting of ICICI Securities and its transformation into a wholly-owned subsidiary of ICICI Bank, subject to certain conditions.

B. Prasanna, head of ICICI Bank's treasury, to move to securities unit

Economic Times

Economic Times · 1m ago

B. Prasanna, head of ICICI Bank's treasury, to move to securities unit

B. Prasanna, the head of ICICI Bank's treasury, is set to transition to the bank's securities arm, ICICI Securities, as head of corporate finance and investment banking. He has held the treasury position for nearly nine years. Shailendra Jhingan, head of ICICI Securities Primary Dealership, will succeed Prasanna. Anubhuti Sanghai, currently a non-executive director at the dealership, will take over from Jhingan. ICICI Bank has not commented on the changes.

boAt to launch $300-500 million IPO in next fiscal: Report

Inshorts · 9m ago

boAt to launch $300-500 million IPO in next fiscal: Report

Homegrown wearable and audio brand boAt is aiming to launch its $300-500 million IPO in the next fiscal, ET reported. ICICI Securities, Goldman Sachs and Nomura have been selected as bankers for the public offering, with boAt potentially eyeing valuation above $1.5 billion. boAt had initially filed for a public offering in 2022 but paused due to unfavourable market conditions.

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