Zomato Share Price: Shares of food delivery company Zomato fell by 2.30% on Wednesday. The company’s shares fell to Rs 50.90 in early trade itself. The shares of the company have been under selling pressure for the last one year. This stock has come down almost 50% in a year. The stock was at Rs 126 in July 2021 and has fallen almost 60% so far. However, the brokerage is bullish on the stock and has a buy recommendation.
The company relaunched the loyalty program
Let us tell you that Zomato has relaunched its loyalty program Zomato Gold. Under this program, users are given huge discounts. Zomato Gold service has been introduced at a price of ₹149 for three months. Under this service, users will get unlimited free delivery at restaurants within 10 km radius. The company told that Zomato users who had Pro or Pro Plus membership with Edition card, their membership will remain active till 23 February 2023. According to the brokerage, this effect may have a positive impact on the stock.
This share of Adani Group will be available at a discount, from January 27 you will be able to bet, the price is ₹ 100 in the gray market
What did the brokerage say?
Edelweiss believes that the Zomato Gold scheme will attract users. Because it is very cheap. The brokerage said, “The recent results have demonstrated the market share win of Zomato over Swiggy. A consistent balance of high growth and profitability will be key to keep investors enthused.” The brokerage has reiterated its ‘Buy’ on Zomato shares with a DCF-based target price of ₹85.