Zomato‘s share price was back in the green on Thursday going up over 3% to hit a new all-time high of ₹185.80.
What Happened: Shares of the food tech company have been on a great run for the past year. In just the last six months the stock has gone up over 80%. While it is not immediately what’s driving the surge today, market sentiments around the company have been upbeat as Zomato is expected to benefit from the Indian Premier League.
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The company’s numbers in the December quarter got a boost thanks to another cricket tournament the World Cup. The IPL is expected to have a similar impact on the company in the first quarter of the year ending March 2025.
Brokerages have also remained upbeat on the stock. Last month, Domestic brokerage firm ICICI Securities maintained its “buy” rating for the stock with a target price of ₹300. Analysts at Kotak Securities have also maintained a "buy" rating for the stock with a price target of ₹190.
Price Action: Zomato’s share price was up 3.22% to trade at ₹184.05 on Thursday afternoon.
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