Shares of online food aggregator Zomato witnessed strong upward move for the fifth straight session today (March 27). The stock rose 3.48 per cent to reach a fresh record high of ₹188.950- gaining around 250 per cent on a year-to-date (YTD) basis.
This comes as brokerage firm Bernstein gave an ‘outperform’ rating on Zomato with a target price of ₹200 on the stock while Kotak Institutional Equities put the stock at ₹190 with a ‘buy’ rating and JM Financial has a ‘buy’ rating on Zomato and put a target price of ₹200.
Zomato share price has been on an uptrend for the last one year when it had bottomed out at around ₹50 apiece around a year ago. Today, Zomato share price today opened upside and went on to touch an intraday high of ₹189 per share level on NSE- 250 per cent rise in the last one year. With this, Zomato share price touched a new high for the second straight session as shares of the company climbed to a new high on Tuesday as well.
China’s Antfin sold a 2.1 per cent stake in Zomato via bulk deals earlier this month in which it offloaded a total of 17.64 crore shares in the company in the price range of ₹160.11-160.40. Meanwhile, Morgan Stanley bought 5.68 crore shares of Zomato at ₹160.10.
