Zomato Share Price: 73% recovery from record low but still below issue price, experts advise – Zomato share price jumps 7 percent on heavy volumes stock rebounds 73 percent from record low but still at discount from issue price

Zomato Share Price: Shares of the leading online food platform Zomato today rose by almost 7 per cent in intra-day on October 7, at a price of Rs 70.20 on the BSE. However, after this due to profit booking, it slipped slightly and closed at Rs 69.60.

Shares of Zomato have been buying for the third day in a row and during this period it has gained about 13 per cent. Its shares had slipped to a record low of Rs 40.55 on July 27, 2022, after which it has gained nearly 73 per cent since then. However, its stock is not going to stop yet and according to brokerage firm Emkay Global Financial Services, it can reach Rs 90.

30% profit chance

Last month, on 28 September 2022, Emkay Global Financial Services started coverage of Zomato and fixed its target price at Rs 90. This means that by investing at the current price, you can earn 30 percent profit. The brokerage firm believes that online food delivery in India could grow nearly 7 times in the next 10 years due to the boom in per capita income, increasing online reach and increasing number of working women. Zomato’s market share is 50 percent, which means that it will get a strong advantage of the boom in the online food market. In such a situation, the brokerage firm is positive for investing in it.

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The stock is still below the issue price

Zomato’s shares were listed in the domestic market on 23 July 2021 last year. Its shares were issued to IPO investors at a price of Rs 76 and on the day of listing it had reached a high of Rs 138, that is, on the very first day, IPO investors made a profit of about 82 percent. After this it reached a height of Rs 169.10 on 16 November 2021. However, its momentum could not be sustained and now it is also at a discount of about 8 per cent from the issue price.

Disclaimer: The advice or views given on moneycontrol.com are the personal views of the expert/brokerage firm. Website or Management is not responsible for this. Moneycontrol advises users to always consult a certified expert before taking any investment decision.

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