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06-12-2024 03:47 PM | Source: Motilal Oswal Wealth Management
Velocity Idea : Zomato Ltd For Target Rs. 360 - Motilal Oswal Wealth Management

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Zomato Ltd

Key Triggers:

* Zomato last month got included in Sensex, a first for new-age firms, as its food delivery business stabilizes. Aggressive Blinkit expansion continues, focusing on deeper presence, & new product categories.

*  Zomato raised Rs. 8,500cr via QIP to invest in Blinkit for expanding its dark store network, targeting 1,000 stores by FY25 to solidify its leadership in quick commerce.

*  For 2HFY25, we expect revenue/ adj. EBITDA to grow by 68.5%/123.0% YoY, driven by a steady increase in food delivery margins, and quick commerce business nearing breakeven.

Technical View:

*  Stock has given a consolidation breakout at life time highs and is perfectly respecting its 100 DEMA.

*  ADX Line is rising which suggest the bullish trend has strength to support it.

Buy Zomato Ltd CMP 298 SL 270 Target 360 

 

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