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Zomato Shares Soar 7% on CLSA's 'Bullish' Stance

OutlookIndia

OutlookIndia · 6m ago

Zomato Shares Soar 7% on CLSA's 'Bullish' Stance

Zomato's stock surged 7% after CLSA, a Hong Kong-based brokerage firm, maintained its "high-conviction outperformance" listing for the company and raised its price target from ₹370 to ₹400. Despite a recent dip of 20% from its 52-week high, CLSA is optimistic about the growth prospects of Zomato’s quick commerce segment, projecting significant revenue and EBITDA growth by fiscal 2027. Most analysts tracking Zomato continue to rate it as a 'buy'.

Related News

Mixed Week For New-Age Tech Stocks Amid Market Volatility, Zomato Emerges As Biggest Loser

Inc42 · 9m ago

Mixed Week For New-Age Tech Stocks Amid Market Volatility, Zomato Emerges As Biggest Loser

During the week, TAC Infosec emerged as the top gainer among the 28 stocks covered by Inc42, with its shares rallying nearly 16%. Conversely, Zomato experienced a decline of more than 7%. The benchmark indices, Sensex and Nifty, dropped by 0.19% and 0.44% respectively, attributed to geopolitical uncertainties and the absence of strong domestic cues.

Will Zoom Ever Soar Again?

Livemint

Livemint · 1y ago

Will Zoom Ever Soar Again?

Zoom, the popular video conferencing platform, has been experiencing a slowdown in revenue growth, with only 2.6% growth for the fiscal year ended January. This makes it the slowest growing among cloud software companies generating over $1 billion in annual revenue. Despite efforts to break into the artificial intelligence market, Zoom's stock price has fallen by nearly 7% over the last six months. However, the company's recent quarterly results exceeded expectations, leading to a 10% increase in stock price. Zoom aims to stabilize its consumer business while competing with larger players like Google and Microsoft in the enterprise segment.

Societe Generale, Morgan Stanley and others buy Zomato shares worth Rs 635 crore via block deals

Economic Times

Economic Times · 1y ago

Societe Generale, Morgan Stanley and others buy Zomato shares worth Rs 635 crore via block deals

Zomato experienced several block deals worth Rs 635 crore on Tuesday, with Societe Generale emerging as the top buyer, purchasing shares worth Rs 290 crore. Other notable buyers included Goldman Sachs Investments and Morgan Stanley Asia Singapore. The only seller was Motilal Oswal Mutual Fund, selling over 2.84 crore shares for Rs 646 crore. Zomato shares closed at Rs 218.35 on Tuesday, down 4.71% from the previous day. The recent platform fee increase to Rs 6 per order in key markets has attracted attention. Zomato shares have shown a significant upward trend, gaining around 175% in the past year.

Deepinder Goyal earns ₹1,600 cr as Zomato shares hit record high

Business Today

Business Today · 1y ago

Deepinder Goyal earns ₹1,600 cr as Zomato shares hit record high

Zomato Founder Deepinder Goyal earned ₹1,600 crore in a few hours after his food delivery platform's shares hit their lifetime high on Friday. Apart from Goyal, who owns 4.19% stake in Zomato, Info Edge also earned ₹5,300 crore wealth due to the rally. Zomato shares rose as much as 19% after the startup reported multifold rise in quarterly net profit.

Zomato Continues Its Rally: Shares Touch New Record High At INR 175.5

Inc42 · 1y ago

Zomato Continues Its Rally: Shares Touch New Record High At INR 175.5

Shares of Zomato, the foodtech giant, have been on an upward trend since April 2021. Last Friday, the shares surged nearly 5% to reach a record high, followed by another record high on Monday. Despite shedding some gains, Zomato shares ended 1.3% higher at a record closing price. Since its listing in July 2021, the stock has experienced fluctuations. However, the company's profitability and the growth of its quick commerce arm, Blinkit, have attracted positive market sentiment. Zomato is now expanding its offerings to compete with ecommerce giants like Amazon and Flipkart. As of now, its shares are trading more than 37% higher year-to-date.

Zomato, Swiggy, other new age company stocks vault on budget sops for gig workers

Economic Times

Economic Times · 6m ago

Zomato, Swiggy, other new age company stocks vault on budget sops for gig workers

Zomato, Swiggy, and other new-age company stocks rose up to 10% after Finance Minister Nirmala Sitharaman's Union Budget 2025 announcement supporting gig workers. India's fast-growing quick commerce sector has increased gig worker demand, benefiting firms like Blinkit and Zepto. On budget day, Zomato's shares rose over 7%, and Swiggy's by 10%. Meanwhile, Nykaa and Ola Electric gained, but Paytm, PolicyBazaar, and Delhivery saw declines. The budget also revised income tax slabs and introduced a Rs 10,000 crore fund for startups.

Sensex, Nifty soar to new peaks; auto, banking stocks lead rally

Money Control

Money Control · 10m ago

Sensex, Nifty soar to new peaks; auto, banking stocks lead rally

The Indian stock market reached new heights on September 23, with the Sensex and Nifty 50 opening at record levels. Automobile and banking stocks led the rally in the benchmarks. The Sensex reached 84,843 points, while Nifty 50 hit 25,903 points. Indices closed at an all-time high in the previous session, indicating a strong upward bias. However, concerns over valuations and potential consolidation were raised. The India VIX, a measure of market volatility, rose by 7 percent to 13.7.

Quora raised $75M from a16z to grow Poe, its AI chat bot platform

TechCrunch · 1y ago

Quora raised $75M from a16z to grow Poe, its AI chat bot platform

After 7 years from the last fundraise, Quora has raised %75M from a16z to scale its chatbot Poe. Quora is overall cashflow positive but has raised this round to scale in the creator economy chatbot space through its chatbot Poe. a16z said it is super bullish on the Quora team and potential of Poe.

Rategain shares soar 8.4% to ₹541.65 after 52-week low dip

Inshorts · 5m ago

Rategain shares soar 8.4% to ₹541.65 after 52-week low dip

Shares of enterprise tech unicorn Rategain soared 8.4% to ₹541.65 apiece during the intraday trading session on the BSE today (February 20), a day after marking its 52-week low of ₹475.25 per share. The stock was last up 2.8% at ₹513.45 per share on the BSE, compared to its previous close of ₹499.65 apiece yesterday (February 19).

Motilal Oswal mutual fund offloads 4.5 Cr shares of Zomato in INR 621 Cr block deal

Inc42 · 1y ago

Motilal Oswal mutual fund offloads 4.5 Cr shares of Zomato in INR 621 Cr block deal

Motilal Oswal Mutual Fund has sold 4.5 crore shares of Zomato in a block deal worth INR 621.6 crore. The shares were purchased by BNP Paribas, Citigroup, Goldman Sachs, Morgan Stanley, and Societe Generale. Zomato's shares fell nearly 3% during early trading but ended the session 4.44% lower on the BSE. This comes after HSBC, Goldman Sachs, and Jefferies raised their price targets for Zomato due to expectations of strong growth in its food delivery and quick commerce verticals. Zomato reported profitable quarters in Q1 and Q2 of FY24.

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