Shares of Zomato, the prominent online food aggregator, reached a record high of ₹299.25 on December 5, 2024, reflecting a remarkable increase of over 130% since the start of the year. The stock surged by 4.5% during trading, showcasing strong investor confidence and market momentum.
At 10:08 AM, Zomato shares were trading at ₹296.25, up 3.48% from the previous close. This surge follows the company’s recent announcement of raising ₹8,500 crore through a qualified institutional placement (QIP) to support its growth objectives and strengthen its balance sheet. The QIP opened on November 25 and involved the allotment of approximately 33.65 crore shares at an issue price of ₹252.62 each, which represented a 5% discount from the floor price.
Zomato’s financial performance in Q2 FY25 has also contributed to its stock’s bullish trend. The company reported a consolidated net profit of ₹176 crore for the quarter ending September 30, 2024, a significant increase from ₹36 crore in the same period last year. Revenue from operations soared to ₹4,799 crore compared to ₹2,848 crore in the previous year.
Additionally, Zomato is set to join the SENSEX index on December 23, marking another significant milestone for the company. This inclusion not only reflects Zomato’s robust growth trajectory but also enhances its visibility among investors.
