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Zomato Stock Dips 1% in Early Trading Post 4.5 Crore Share Block Deal Worth Rs 622 Crore

Zomato's stock witnessed a 1% decline in early trading on January 15, following a block deal involving 4.5 crore shares of the online food aggregator, with a total transaction value of Rs 622 crore. The buyers and sellers involved in the transaction were not immediately identified. As of 9:17 am, Zomato's stock price was Rs 138.2, reflecting a 1.03% decrease from the previous session's closing price on the NSE.

On January 11, global brokerage firm HSBC issued a "buy" rating on Zomato's stock and raised the target price to Rs 150, indicating a 9% upside from the current levels. HSBC analysts stated that Zomato's long-term prospects remain positive despite potential growth challenges in 2024. They highlighted the company's dependence on the continued expansion of its quick commerce business as a key risk factor.

Elara Securities analysts also recommended a "buy" call on Zomato's stock with a target price of Rs 150. They emphasized the potential for improved profitability in the food delivery business through higher convenience fees, advertising income, and restaurant commissions.

Zomato recently introduced a new feature called "daily payouts," designed to support its network of restaurant partners. Currently available for restaurants handling 100 or fewer monthly orders, this feature addresses financial challenges associated with the traditional weekly payout system after discussions with various restaurants.

Over the past six months, Zomato's stock has surged by over 73%, outperforming the benchmark index Nifty 50, which has risen by 11%.


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