The rise in Zomato’s share price follows a bullish outlook from global brokerage firm UBS, which has maintained its “buy” rating for the food delivery giant and raised the target price to ₹260 from ₹250
This new target suggests an upside of approximately 20% from the stock’s previous closing price of ₹217.14.
In June, industry volumes grew by about 1% month-on-month when adjusted for the number of days. Analysts noted a competitive push-and-pull dynamic between Zomato and Swiggy during Q1FY25. UBS estimates Zomato’s gross merchandise value (GMV) to have grown around 9% quarter-on-quarter for Q1FY25.
Last month, Zomato confirmed ongoing discussions with Paytm about a potential deal, though no binding decisions have been made yet. The acquisition talks are intended to strengthen Zomato’s “going-out” business, aligning with its strategic focus on four key areas.
Price Action: As of early trading on Friday, Zomato’s share price had risen by 0.90%, trading at ₹219.10.
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