MUMBAI - Zomato's stock soared to a high of Rs 138 on Indian stock exchanges today, buoyed by a stellar quarterly performance that exceeded market expectations. HSBC has maintained a "buy" rating on the food delivery company and raised its price target to Rs 150, signaling confidence in Zomato's growth trajectory.
The company's recent financial results revealed a profit of Rs 36 crores, a significant turnaround from the previous year's loss and an improvement over the modest profit reported in the prior quarter. This robust financial performance has propelled the stock to more than double its value from the previous year.
Analysts have taken note of Zomato's impressive growth, but they also caution that the business may see a slower pace of progression in the coming months. Despite this caution, the current sentiment around Zomato remains positive in light of its recent achievements.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.