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Zomato share price: Analysts expect stock to surge higher post recent correction [Video]

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Home Based Business

Shares of online food delivery giant Zomato Ltd will be in focus in Thursday’s trade as global brokerage firm Citi remains bullish on the counter with a ‘Buy’ rating and a target price of 145, implying about 25% upside from the current market levels. At 11:55 am, the scrip was trading 1.46% higher at 118.30 apiece on the NSE.

The Zomato stock has corrected approximately 7% since the conclusion of the World Cup. According to Citi, the stock correction could be due to media reports about non-payment of GST on the delivery fee collected by the platform from consumers. The new GST would add 5 per order to non-Zomato Gold orders and may further support the adoption of Gold programme loyalty, the foreign brokerage said.

Global brokerage UBS has increased its target price on the stock to 150 per share from 125, citing a near 500 basis points improvement in the food …

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