While the stock fell initially, it ended at Rs 263.20 on the NSE, gaining by Rs 1.03 or 0.39% over the Monday closing price.
As on June 30, 2024, Antfin Singapore had held a 4.3% stake in the food delivery platform.
Earlier, ET Now had reported that Antfin Singapore was likely to sell shares in Zomato worth $408 million at floor price of Rs 251.68 per share.
On Monday, Zomato shares jumped 6% on an intraday basis following a raise in target price by global brokerage firm UBS from Rs 260 to Rs 320.”We increase our GMV estimates for food delivery (+2-3%) and quick commerce (+20-30%) for FY26-28e following the strong Q1 and solid guidance. Our adj EBITDA estimates for the next 1-2 years are up only slightly as investments in building supply for quick commerce will likely result in a more modest margin trajectory,” UBS said in a note while maintaining buy call.The brokerage said it has also increased employee cost estimates to reflect investments in manpower.Among some prominent brokerages, CLSA has the highest target price on Zomato — Rs 350. On the other hand, Motilal’s target is at Rs 300, Nomura Rs 280 and Bernstein Rs 275. In the June quarter, Zomato reported a multi-fold jump in Q1 profit from Rs 2 crore in the corresponding quarter of last year to Rs 253 crore.
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