Zomato Share: Big earnings on Rakshabandhan, money tripled in a year, experts said – still buy these shares!

As soon as the online food delivery platform Zomato turned from loss to profit, its stock is rising rapidly. On Monday, the first trading day of the week, it jumped by 6 percent as soon as trading started in the stock market and reached its all-time high level. Seeing this rise in Zomato stock for some time, the brokerage has now given it a new target of Rs 300 (Zomato Share New Target).

First of all, let’s talk about the rise in Zomato shares with the opening of the stock market on Monday, so let us tell you that Zomato Share opened at the level of Rs 278 with the opening of the market and within a few minutes it rose by 5.8 percent to reach the level of Rs 280.90. This is the all-time high level of Zomato shares. The continuous rise in the stock has also affected the market cap of the company and it has increased to Rs 2.33 lakh crore.

While Zomato’s shares are creating a storm, the business of its quick commerce unit Blinkit is also growing at a rocket speed. While Zomato Share touched an all-time high on Monday, Blinkit CEO Albinder Dhindsa shared the information and said that on Sunday his company broke the old record of the highest number of orders ever in a day in just a few minutes.

For the last one year, Zomato’s stock has maintained a great momentum and is continuously making profits for the investors. If we look at the performance of the stock, in just one year, Zomato Share has tripled the amount of investors by giving a rapid return of about 200 percent. On 21 August 2023, the price of one share of the company was just Rs 89.75, which has now crossed the level of Rs 280. According to this, Zomato has given a return of 202 percent in a year. In terms of returns, Zomato has emerged as a multibagger stock for investors in just one year.

In the last six months, investors in this stock have got a return of around 70 per cent, while in the last one month the share price has increased by more than 22 per cent.

If we talk about the reasons behind the rise in Zomato stock on Monday, then one reason can be attributed to the positive sentiment of various brokerages and the increase in the target price. In fact, foreign brokerage house UBS has maintained the Buy rating of Zomato and increased its target price to Rs 320 from Rs 260.

(Note- Before making any investment in the stock market, please consult your market experts.)