Zomato shares are rising steadilyImage credit source: Unsplash
Food delivery company Zomato is continuously diversifying its business. Its effect is also visible in its share price, which has grown by almost 120 percent since the beginning of 2024. In such a situation, the question is whether this is still the right stock to invest in.
Zomato shares also closed higher for the fifth consecutive session on Wednesday. At the end of trading, it settled at Rs 272. While during the trading day it had touched a record high of Rs 281.
Zomato stock was worth Rs 124.
When the year 2024 started, the share price of Zomato was just Rs 124. From then till now it has only registered growth and till 2024 it has given a return of 120 percent. Whereas in the one year period from last September to September this year, the growth of the stock has been 170 percent. There is still a buying trend in this.
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Is it still worth investing in?
Zomato is continuously expanding. Now the company has also become profitable. The company has recently expanded its fast delivery business. Whereas, it has also entered the events business by buying Paytm’s ticketing business. This way the company’s business is diversified. Hence, its buy rating is maintained. While JP Morgan has increased its target price to Rs 340.
However, it should be noted that investing in the stock market is risky. Therefore, investors should consult their financial advisors before investing.
