Jefferies maintained a buy call for Zomato with target price of Rs 165. The report says that speculations surrounding a potential deal with Shiprocket, although Jefferies expresses skepticism about the likelihood of such an agreement. The company has reportedly denied any ongoing negotiations.
Zomato holds a 5% stake in Shiprocket following an investment made in 2021, and Jefferies attributes a low probability to the possibility of a deal at this stage. The report suggests that the management’s hands are currently full with Quick Commerce initiatives, contributing to the skepticism regarding a potential Shiprocket deal.
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Read moreIndian equity indices ended on a positive note on Wednesday as there was sudden buying in the last hour. The Nifty 50 rose 71.35 points or 0.29% to settle the day’s trading at 24,770.20. The Sensex settled 102.44 points or 0.13% higher at 80,905.30. ITC, Bharti Airtel, Hindustan Unilever, Titan Company, and TCS were the top five major contributors on Wednesday. As FMCG saw buying in the last hour along with consumer durables.
Sectoral Index
The Bank Nifty settled 117.60 points or 0.23% lower at 50,685.55. The Nifty Midcap 100 advanced 196.20 points or 0.34% higher at 58,444.05. In the broader markets, smallcap and midcap stocks closed in the green.
“The Indian market traded on a tight range with a positive bias supported by strong DII …
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