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What happened
Brokerage firm CLSA has set a target price of ₹350 for Zomato's shares, following the company's promising Q1 results driven by Blinkit operations and overall profitability. The report highlights Zomato's ongoing expansion efforts and strategic moves to enhance its financial performance.
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Key insights
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1
Positive Q1 Results
Zomato's Q1 results have been well-received, with the company demonstrating strong financial performance and growth in various segments.
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2
Blinkit Expansion
The Blinkit expansion has shown profitability, adding to Zomato's optimistic future outlook according to analysts.
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3
Brokerage Reactions
Several brokerage firms, including CLSA, have responded positively by adjusting their share price targets for Zomato, reflecting increased confidence in the company's strategy and execution.
Takeaways
Zomato's strong Q1 results and the profitable expansion of Blinkit have led to increased confidence among brokerages, with CLSA raising its share price target to Rs 150. This indicates a positive market outlook for Zomato moving forward.