After the release of the July-September quarter results of food delivery aggregator app - Zomato, there was a decline of up to 6% during early trading on Wednesday. However, after some time, along with the recovery in the market, this stock also showed recovery. Currently, this stock is trading with a gain of about 1%. The company had released the September quarter results a day earlier i.e. on Tuesday, just after the market closed.

The company's results in the second quarter have been excellent. During July-September 2024, Zomato has made a profit of ₹ 176 crores. The company has made a profit for the fifth consecutive quarter. During this period, adjusted income has also increased by 69% year-on-year to ₹ 4,799 crores. Brokerage firms bullish on stocks The company has announced to raise ₹ 8,500 crores through QIP along with the results. After the announcement of the second quarter results and fund raising, many big brokerage firms have issued notes on this stock today. CLSA has set a target of ₹ 370 per share along with a rating of Outperfrom on Zomato. CLSA had earlier set a target price of ₹ 353 per share on this stock. The company has the potential to increase its presence in the market. However, now this industry has become very competitive. Another brokerage firm HSBC has also set a target price of ₹ 330 per share on this stock while giving a Buy opinion. HSBC analysts believe that the food delivery figures in the second quarter were as per estimates. The quick commerce segment has outperformed. Margins remained stable on a quarter-on-quarter basis. The company has benefited from expansion in quick commerce capacity and brand building. The brokerage firm said that after raising funds, the company will remain competitive and will be able to get resources to be more aggressive in the market. Nomura has also set a target of ₹ 320 per share on this stock with a Buy rating. The company says that the quick commerce segment has seen rapid growth. Whereas, the land delivery segment is also witnessing steady growth. The company is focusing on its quick commerce business in the short term. Domestic brokerage firm Nuvama Institutional Equities said in its note that Zomato is constantly working on its business growth. This brokerage firm may see rapid growth in the number of Blinkit's dark stores. This will further support growth in the quick commerce segment. However, due to high upfront expenses, it may take time for its profit to come. This brokerage firm has increased the target price from ₹ 285 to ₹ 325 per share with a Buy rating on Zomato.