Zomato shares skyrocket 10% to double money in 2024, target prices go up to Rs 350

Shares of food delivery giant Zomato surged 10% to a day’s high of Rs 257.95 after reporting a multifold increase in profit after tax (PAT) for the June quarter. Following this, brokerages such as CLSA raised their target price to as high as Rs 350.

The company reported a profit after tax of Rs 253 crore, compared to a net profit of just Rs 2 crore in the same period last year.