Zomato's share came on IPO price, experts are giving advice to buy, why

Zomato’s share came on IPO price, experts are giving advice to buy, why

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new Delhi. Zomato share has now arrived at its IPO issue price. Therefore, those who had not invested money in the company’s IPO, now they have a chance to invest in this stock again at the issue price. Zomato share price today is trading at Rs 76.65 on NSE in intraday on Wednesday, March 16. Zomato had kept the upper price band of Rs 76 only under the IPO. The stock of Zomato was listed in the market on 23 July 2021. Its listing was done at Rs 115.

Experts and brokerage houses are predicting a further rise in the stock. If you look at the target of different experts and brokerages, then it is possible to return up to 77 percent from the current price. Brokerage house Morgan Stanley looks bullish. The brokerage has given a target of Rs 135 giving an overweight rating in the stock.

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55 percent broken from record high
The stock of Zomato has broken 55 percent from its record high. The stock touched its all-time high of Rs 169 on 16 November 2021. Right now the share has come at a price of Rs 76.65. In this way, the Zomato stock has fallen 55 percent from the record high. The stock has dived 46 per cent since January 1, 2022. If we talk about one month, then this stock has weakened 11 percent.

investment opportunity
According to a report in Financial Express, Anuj Gupta, VP-Research, IIFL, says that Zomato has come down significantly from the high level. Right now it is trading around Rs 76. From a technical point of view, it is in the oversold zone. On the chart, an upward movement is now visible in the stock. Anuj Gupta says that if Zomato’s stock crosses the level of Rs 82, then it can see good growth in the short term. It can go from Rs 88 to Rs 92

Also read: This multibagger chemical stock ran upwards due to a decision of the government, buy now or not? Learn

Brokerage house Morgan Stanley has given a target price of Rs 135 to Zomato stock giving an overweight rating. Brokerage House City has also given a target price of Rs 118, giving a buy rating to the Zomato share. HSBC has given a target price of Rs 92, giving a hold rating to this stock.

Tags: NSE, stock market, Zomato

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