Shares of Zomato, now renamed Eternal Limited, went up by more than 4% on Thursday, reaching ₹231.75 on the BSE. Experts in the market believe the stock could go even higher.
Domestic brokerage firm JM Financial has advised investors to buy Zomato shares. The stock’s highest price in the past year is ₹304.50, and its lowest is ₹146.85.
Target Price Set at ₹280 by JM Financial
JM Financial has given Zomato a “buy” rating, with a target price of ₹280.
This means the stock could rise over 25% from its Wednesday closing price of ₹222.05. Zomato’s market value has now crossed ₹2.23 lakh crore.
Financially, Zomato is showing strong growth. In the December 2024 quarter, its total income was ₹5,657 crore — a 12.69% increase from the September 2024 quarter, which had an income of ₹5,020 crore.
Strong IPO Performance and Stock Growth
Zomato launched its IPO at ₹76 per share on July 14, 2021, and it got listed at ₹115 on the BSE on July 23, 2021.
Since then, the stock has grown about 330% in the last two years and 176% over the last three years.
The IPO was a big hit, with an overall subscription of 38.25 times. Retail investors subscribed 7.45 times, while non-institutional investors subscribed 32.96 times.
