Shares of Zomato Ltd., a food delivery aggregator, increased by much to 19% to Rs 278.7 after brokerages upgraded their price estimates following the June quarter results.
Brokerage company CLSA has increased its price target to Rs 350 from Rs 248 and kept its “buy” rating on Zomato. After the stock’s June quarter data were released on Thursday afternoon, this is the highest price target that the market has set for it.
Additionally, CLSA increased its earnings estimates for Zomato from 6% to 36% for the fiscal year 2025–2027, noting that Blinkit’s performance improved in spite of significant growth in dark stores.
In addition to CLSA, Motilal Oswal is the other brokerage that currently has a ₹300 price target for Zomato. It stated in its note that Blinkit is providing a chance for people of all ages to take part in the disruption of industries including e-commerce, supermarkets and retail.
As of 11:14 am, Zomato shares were trading 11.66% higher at Rs 261.39.
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