Zomato stock price: The stock price of Zomato can jump 50% from now,price of Zomato fell over 5 per cent on May 31 as foreign brokerage Macquarie forecast nearly 50 per cent decline in the stock price of the company in the next 12 months citing increased competition in the quick commerce sector. Shares of Zomato were trading at ₹173.80 apiece on the NSE after Macquarie reiterated its "underperform" stance on the stock with a price target of ₹96- a downside of 46 per cent .
Macquarie held its 'underperform' rating on Zomato stock since May last year when it downgraded it from its 'neutral' call. Macquarie highlighted increasing competitive pressure in the sector as the main reason for caution. This comes as Reliance Industries-owned JioMart was reportedly planning to offer 30-minute grocery delivery in multiple cities starting next month.Reports claimed that JioMart plans to initially provide 30-minute grocery services in eight cities and then expand to the 20-30 cities in the country.
Macquarie sees a downside in Blinkit stock as well contrary to Goldman Sachs' recent valuation which assigned the company an even higher multiple than the Zomato's food delivery business.
This comes as Blinkit turned EBIT positive in the March quarter of FY24 as revenue more than doubled year-on-year to ₹769 crore. Zomato reported a net profit of ₹175 crore for the same period and a spike in net profit which was supported by a 37 per cent rise in its other income to ₹235 crore.
While technology has taken centre stage, both in our personal and professional lives, it seems like we’ve only scratched the surface. In the future, the Indian technology and services industry has the potential to achieve revenues of $350 billion by 2025, as per ‘Perspective 2025: Shaping the Digital Revolution’, a report by NASSCOM. With people, leaders and organisations becoming more tech-savvy, technology is likely to impact the overall business growth even further.since this is the era of artificial intelligence and our technology grew,the launch of more food delivering app has been launched which can deliver fast and has much customer satisfaction .
We have seen large number of problems related to Zomato like food poisoning snake in the food ,nail in the ice creams which decreased the trust of customers and also it charges high delivery charges than other food app which decreased customers and also it effected the buisness thus we can conclude that Zomato stock price can jump 50% from here.