Hot returns delivered, well not for everyone yet! Zomato has seen a zooming rally over the last 3 weeks, giving investors a taste of green after a bout of red.
The share price of the food tech giant is up 60% in the last 3 weeks and even though that is exciting for recent investors, those who bought into the startup debut are just about making it even with a Rs 76 issue price. If one had to see a silver lining it has recovered sharply from the lows Rs 50/share.
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So what is in store? Brokerages just as Morgan Stanley and UBS think that there is an upside to this stock and it's rally. Morgan Stanley with an overweight call has a price target of Rs 135/share and Rs 130/share respectively. What investors must note is that even these aggressive targets fall short of what the stock listed at on the bourses!
Zomato’s consolidated net loss for the quarter ended March widened to Rs 360 crore compared to Rs 134.2 crore at the same time last year. Revenue from operations were at Rs 1,211.8 crore, up 75.01 per cent compared to Rs 692.4 crore in the same quarter last year.