After the firm announced that it will be discontinuing its Intercity Legends services, Zomato’s stock price increased by more than 3% on Friday. On the BSE, Zomato shares increased by as much as 3.68% to ₹267.30 a share.

Deepinder Goyal, the CEO of Zomato, announced on Thursday that the Intercity Legends services would be discontinued immediately due to “not finding product market fit.” Taking to his X account, she wrote, “Update on Zomato Legends – after two years of trying, not finding product market fit, we have decided to shut down the service with immediate effect.”

Zomato Legends, which debuted in 2022, offered iconic foods from 10 cities to the rest of the country. In July 2024, the online meal delivery giant temporarily stopped the service before restarting it with a few tweaks to make orders more profitable.

As of 10:19 am, Zomato shares were trading 3.59% higher at Rs 267.21 on the NSE.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

Zomato Ltd shares dipped over 1% on Tuesday amid strong turnover, as China’s Antfin Singapore Holdings is expected to sell 1.54% of its stake in the food delivery platform through a block deal. Zomato’s stock fell 1.98 percent to a low of Rs 257.10 on the BSE, with volumes of 19.86 crore shares (44.5 times the two-week average) and a turnover of Rs 5,115.21 crore.

Public investor Antfin Singapore Holdings was reportedly seeking to offload shares at a floor price of Rs 251.68 per share, valuing the deal size at around Rs 3,420 crore, or $408 million, according to many reports. According to a CNBC TV 18 report, Zomato experienced significant deals at Rs 258 per share.

Global investment banks Goldman Sachs and Morgan Stanley are reported to be handling the share sale.

As of 10:56 am, Zomato shares were trading 1.02% lower at Rs259.49 on the NSE.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

Zomato stock rose 6% on Monday, setting a fresh 52-week high of Rs 280 on the BSE. The increase came after global brokerage firm UBS increased its target price for the online food delivery company from Rs 260 to Rs 320.

UBS has changed its projections for Zomato’s Gross Merchandise Value (GMV) in food delivery and quick commerce.

Following Zomato’s outstanding performance in the first quarter and its positive future outlook, the brokerage now predicts a 2-3% growth in GMV for food delivery and a significant 20-30% increase in quick commerce for the fiscal years 2026-2028.

With a target price of Rs 350 for Zomato, CLSA has set the highest among brokerage companies. Nomura and Bernstein have set targets of Rs 280 and Rs 275, respectively, while Motilal Oswal set its target at Rs 300.

As of 10:55 am, Zomato shares were trading 2.24% higher at Rs 270.36 on the NSE.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

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.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

The food delivery aggregator Zomato announced a day earlier that it was raising its platform fee to ₹6 from ₹5, and on Monday, the share price of Zomato jumped by almost 4% to reach a 52-week high. The new platform fees, which will be introduced in a few cities like Bengaluru and Delhi, are expected to have a somewhat positive impact on the profitability of the company.

On Monday, Zomato joined the exclusive group of companies with a market capitalization (m-cap) of ₹2 trillion. Zomato shares began at ₹225 per on BSE and reached an intraday high of ₹232. Zomato’s share price has risen by about 83% in 2024.

As of 10:57 am, Zomato shares were trading 2.52% higher at ₹228.10.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.