The online meal delivery business Zomato has been selected by Motilal Oswal Financial Services Ltd (MOFSL) as its top technical choice for a short-term investment. For a two- to three-day period, they advise purchasing Zomato shares in order to maybe make up to 7% in profit.
Buy Zomato Stock for Quick Gains-Says MOFSL
The market benchmark indexes got off to a great start on Wednesday, July 3. The Nifty hit a new all-time high and the Sensex crossed the 80,000 threshold for the first time. Strong worldwide market trends and large purchases of bank equities propelled this upward trend.
The NIFTY 50 was up 165 points, or 0.69%, at 24,289.15, while the BSE Sensex was up 530 points, or 0.67%, at 79,971.95, at 1:36 PM.
Zomato shares are priced at Rs 222 by MOFSL. Zomato’s shares ended at Rs 209 on July 2, indicating a possible return of up to 7%. Zomato shares were trading at Rs 208.2 as of 1:31 PM today, up 0.41% from their previous closing price.
Recent Advances in Zomato, Buy Zomato Stock for Quick Gains-Says MOFSL
ESOP Scheme: Zomato’s proposal to create a new employee stock option pool (ESOP) with 18.2 crore shares was approved by shareholders on Tuesday. Of the investors, 25% voted against the idea, and 75% voted in support of it. Remarkably, institutional shareholders such as Fidelity Investments, Temasek, CPPIB, and Vanguard accounted for about thirty-two percent of the votes against.
Notice of GST Demand: A fresh Goods and Service Tax (GST) demand notice for about Rs 9.45 crore, including interest and penalties, was sent to Zomato on Sunday. The Assistant Commissioner of Commercial Taxes (Audit) in the state of Karnataka made this demand.
Zomato’s Market Return
Over a range of time periods, Zomato shares have shown strong returns:
- Return for one month: 19%;
- Return for six months: 63%;
- Return for one year: 175%
These numbers show Zomato’s notable expansion as well as the possibility of quick profits, as indicated by MOFSL.
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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