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Zomato Shares Hit 52-Week High – Check What Brokerages Recommend | Stock Market News
Updated: November 6, 2023 03:12 PM IST
Zomato shares hit a fresh 52-week high on Monday, November 6, after CLSA upgraded the food aggregator and delivery company to outperform from buy rating. The brokerage cited acceleration in gross order value (GOV) and improvement in profitability as reasons for the upgrade. Zomato reported Rs 36 crore as net profit in Q2 FY24, against Rs 251 crore loss in Q2 FY23. GOV grew 20% YoY in food delivery and 86% in quick commerce in Q2 FY24. Monthly transacting customers (MTC) and use frequency also increased.
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