Multi-Bagger Returns: HSBC Bets Big on Zomato, Expects Stock to Hit New Highs

Had you invested one lakh rupees in Zomato a year ago, today it would be worth almost 2.6 lakh rupees.

The food-delivery giant has delivered multi-bagger returns to its investors over the past year.

And global brokerage firm HSBC believes the party is not over yet.

HSBC has issued a ‘BUY’ call on Zomato, raising the price target to 330 rupees per share – a potential upside of nearly 22% from current levels.

HSBC expects stability in competition within the fast delivery space, along with Zomato’s expansion into the dining-out business, to boost the company’s performance.

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