Zomato Shares Rally Over 4% As HSBC Raises Target To INR 330

Shares of Zomato surged over 4% after HSBC reaffirmed its ‘buy’ call, citing Zomato’s lead over Swiggy in growth and profitability across food delivery and quick commerce. HSBC raised its price target to INR 330 from INR 260, implying a 24% upside potential. Zomato’s stock has rallied over 122% year-to-date, significantly outperforming the Sensex, which gained under 13% in the same period. HSBC highlighted Zomato’s superior metrics, including active user base, gross order volume, and order frequency growth, compared to Swiggy. This positive outlook is driven by Zomato’s strategic advantages and market leadership in the foodtech sector.