Brokerages bullish on THIS new-age stock, see upto 40% upside move

Zomato Share Price NSE: Shares of Zomato, India's largest food delivery platform, dipped on Monday despite the company narrowing its consolidated net loss to Rs 250.8 crore for the second quarter that ended September 2022. The scrip was trading at Rs 71.80, down by 1.72 per cent or Rs 1.25, at the National Stock Exchange (NSE). The counter was trading at 71.65, down by Rs 1.15, or 1.58 per cent, on the Bombay Stock Exchange (BSE) at around 12:45 pm. Share of Zomato had closed at Rs 72.80 in the previous trading session on Friday.

However, most of the brokerage firms are still bullish and have maintained 'Overweight' ratings and some have even raised the target.

While Jefferies has maintained a 'Buy' call with a target of Rs 100, Morgan Stanley and JP Morgan have maintained an 'Overweight' rating with the former revising the target to Rs 92 from Rs 80. 

On the other hand, Nomura has maintained 'Reduce' ratings with a target price of Rs 50. 

The 52-week high and low of the scrip are Rs 169 and Rs 40.60 respectively. 

Earlier on Thursday, Zomato reported its second quarter results. The company's consolidated net loss stood at Rs 434.9 crore in the year-ago period.

Revenue from operations increased to Rs 1,661.3 crore during the July-September quarter, as against Rs 1,024.2 crore in the corresponding period of the previous financial year, it said in a regulatory filing. The company said this is the first quarter where it has crossed the billion dollar annualised revenue mark.

However, its total expenses also rose to Rs 2,091.3 crore during the quarter under review, from Rs 1,601.5 crore a year ago.

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