Morgan Stanley, a leading brokerage firm, maintained a “overweight” recommendation on the company despite the increasing trading activity in Zomato equities.
Zomato stock rises 5.6% to Rs 96.10 in just one day, demonstrating tremendous momentum.
8.5 million shares changed hands in eight block trades for Rs. 92-96.
“Overweight” remains Morgan Stanley’s rating.
On Monday, Zomato’s shares had a significant upswing, jumping by roughly 5.6% to reach Rs 96.10. By 10:36 am, more than 8.5 million shares had been exchanged in eight different block trades at prices ranging from Rs 92 to Rs 96 per. Morgan Stanley, a leading brokerage firm, maintained a “overweight” recommendation on the company despite the increasing trading activity in Zomato equities.
This approach is favorable since Zomato may increase profitability by collecting a platform charge of between two and three rupees each order. By 12:44 pm, more than 78.3 million shares had been swapped, indicating a brisk trading activity for the company. The fact that this number is 0.9 times the 30-day moving average highlights the increased investor inter.
In the first hour of trading on August 28, Zomato’s share price increased by more than 5% on news of a block deal. On the BSE, the stock increased by as much as 5.56%, peaking at Rs 96.00 a share. Media sources state that during the block transaction session, 3.2 crore Zomato shares worth Rs 288 crore were traded for Rs 90.10 each.
