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Zomato Share Price: After the announcement of the results, the stock of Zomato jumped more than 18%

Zomato Share Price: After the announcement of the results of the first quarter of 2022-23, the stock of Zomato is seeing a great rally in Tuesday’s trading session. In the morning the stock opened at a price of Rs 50 and with a jump of 18 per cent, the share price reached Rs 54.95. There has been heavy buying in the stock from the investors side.

Bullish on brokerage house Zomato after the results
After the announcement of the quarterly results of Zomato, many brokerage houses have advised investors to buy in the stock, after which positive sentiment has been seen. Foreign brokerage house Goldman Sachs has given buy advice on Zomato shares with a target of Rs 100. That is, investors can get a return of 85 percent from the current level. At the same time, UBS believes that the share can go up to Rs 95 i.e. the share can give a return of 76 percent. According to Morgan Stanley, the stock is likely to go up to Rs 80. Earlier, Jefferies, Credit Suisse and Kotak Institutional Securities have also advised to buy shares of Zomato. Jefferies believes that Zomato stock can give a return of 130 percent to investors. According to Credit Suisse, the stock has the potential to go up to Rs 90.

better results
Some relief news has come for Zomato, which has been in the news due to constant bad news. During the first quarter April to June of 2022-23, the company’s loss has come down to Rs 186 crore from a loss of Rs 360.70 crore in the same quarter of the previous financial year. There has been a jump of 67 percent in revenue. According to the company, the gross order value has increased by 10 percent to Rs 6430 crore in the April-June quarter.

Even though the stock of Zomato has seen a huge rally in Tuesday’s trading session, the stock is still trading 29 per cent below its IPO price of Rs 76. But in the last 5 trading sessions, Zomato has shown a great recovery from the low level of Rs 40.60. The stock has jumped 33 per cent from the lower levels.

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