Zomato shares hit new record high: Major reasons pushing the stock upwards including IPL effect

Shares of Zomato Ltd hit an all-time high today (March 26) as the market resumed for the last trading week of FY24 after Holi.

Zomato stock was up more than 1.35 per cent to ₹176.45 and commanded a total market capitalization of more than 1.55 lakh crore. This comes after e-commerce arm of Zomato Blinkit hiked its delivery charges by ₹11-35 in certain areas in the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) which are likely to boost Zomato’s topline and profitability.

Zomato stock opened upside today and went on to touch an intraday high of ₹183.40 per share level on NSE. In the past one year, the shares have logged over 250 percent rise in the last one year.

Zomato share price: Is it the Blinkit effect?
Albinder Dhindsa, CEO of Blinkit said, “We hit our all time high orders, OPM (orders per minute), and almost every other metric on the board! Thank you for choosing us for your Holi needs.” Among the most ordered products on e-commerce platforms were Gulal, water balloons, white T-shirts, detergents and sweets.

Is Zomato share price rising because of IPL?
Zomato could also be reaping benefits of Indian premier league (IPL) in the first quarter of FY25.

What Bernstein and other brokerages said on Zomato stock?
Brokerage firm Bernstein gave an ‘outperform’ rating on Zomato with a target price of ₹200 on the stock. Meanwhile, broker Kotak Institutional Equities put the stock at ₹190 with a ‘buy’ rating. JM Financial has a ‘buy’ rating on Zomato and put a target price of ₹200.