MOFSL suggests buying this stock for 2-3 days for up to 7% gains, check target price

Zomato share price target: On Wednesday, July 3, equity benchmark indexes began trading on a positive note, with the Sensex crossing the historic 80,000 mark for the first time and the Nifty establishing a new lifetime high, owing to significant buying in bank stocks and firm global market trends.

At 1.36 PM, BSE Sensex was 0.67 per cent or 530 points up at 79,971.95 while NIFTY 50 was at 24,289.15 level, up 165 points or 0.69 per cent today.

Meanwhile, brokerage Motilal Oswal Financial Services Ltd (MOFSL) has made online food delivery company Zomato its technical pick and suggested buying for 2-3 days.

Zomato share price target

The brokerage has recommended investors buy Zomato shares for just 2-3 days. The brokerage has given the target of Rs 222. On July 2, the company's stock closed at Rs 209. This means the stock can give returns of up to 7 per cent.

Today at 1.31 PM, shares of Zomato were trading at Rs 208.2, up 0.41 per cent from its last closing price. 

Zomato ESOP plan

On Tuesday, online food delivery platform Zomato received shareholders' nod to establish a new employee stock option pool (ESOP) of 18.2 crore shares, with 75 per cent of investors voting in favour and 25 per cent against it, the company said in an exchange filing.

It was mainly Zomato's institutional shareholders who voted against the resolution, with approximately 32 per cent of opposing votes cast. Although information on individual votes is not disclosed, Zomato's institutional supporters include Fidelity Investments, Temasek, CPPIB, and Vanguard.

Also Read: Zomato ESOP plan receives shareholders' nod, 25% voted against it

Zomato receives GST demand notice

On Sunday, the company received a fresh Goods and Service Tax (GST) demand notice for about Rs 9.45 crore with interest and penalty.

It said in a stock regulatory filing that the demand has been raised by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka.

Read More: Zomato receives fresh Rs 9.45 crore GST demand notice

Zomato share price history

Shares of Zomato have provided almost 19 per cent returns in one month and 63 per cent returns in six months. The stock has increased 175 per cent in one year.