Shares of Zomato had hit a high of Rs 232 on July 15. Zomato's share price on July 15 was Also, it touched a 52-week low of Rs 80.99 on August 3 last year.

MUMBAI: Shares of online food delivery company Zomato have been on a steady rise, with shares of Zomato gaining over 1 percent to touch Rs 230 on the third trading day of the week on Wednesday. Experts are also seeing a boom in the stock. Zomato's shares are rallying at a time when the Sensex and Nifty are at all-time highs.

Estimates of brokerage

Axis Securities has given a buy rating to Zomato shares with a buy recommendation. The brokerage estimates that the stock could go up to Rs 280. This represents an increase of more than 20 percent from the current price. The stock's all-time high is Rs 232. Zomato's share price on July 15 was Also, it touched a 52-week low of Rs 80.99 on August 3 last year. The company's shares have gained a whopping 173 percent in the last one year.

What is the brokerage's opinion?

Zomato has benefited from continued gains in Hyperpure and Quick Commerce, according to the brokerage firm. Axis expects Zomato to strengthen its presence in the food-delivery market and gain market share by continuously adopting new technologies and innovating. Brokerage is positive on Zomato as the food delivery business has huge scope for growth.

According to Axis, India's urban population currently accounts for 34-35 percent of the total population. This urban population is projected to grow significantly by 2030, reaching approximately 42-43 percent of India's total population. Axis Securities believes the Hyperpure and Quick Commerce (Blinkit) verticals will boost Zomato's revenue.