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Zomato shares have given a stupendous return of over 151 per cent in the last one year and are trading close to their 52-week high of Rs 298.2. Jefferies see the momentum to persist as it has maintained its buy rating on th counter with a target of Rs 335, an over 17 per cent potential upside.
The buy call has been given on the sidelines of the food aggregator unveiling the ‘District’ app- a platform through which the company aims to expand its services beyond food delivery services as well as quick commerce (QC).
Primaily the app will integrate all of the ‘going-out’ services including, dining, movies, sports ticketing, live performances, shopping, and staycations, creating a one-stop destination for customers.
The global brokerage stated that Zomato has unveiled the ‘District’ app, a one- stop destination for going-out, a theme for the next decade management
Starting with dining-out & ticketing, new use cases will emerge, it added.
Also, the brokerage pin-pointed that even though the Industry is in its infancy as current TAM may be limited, but that is how food delivery and QC were until a while back.
Market is supply-constrained, which means there is ample opportunity-ask the Coldplay and Diljit Dosanjh fans in India who are still trying their luck to get a pass, it added.
Zomato QIP
The company’s QIP closed on the previous day with the issue price pegged at Rs 252.62, a discount of 11.7 per cent from the previous close.
Zomato’s share price performance
On a year-to-date basis the stock has jumped as much as 131 per cent.
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