Zomato shares hit record high; scrip crosses ₹300 mark for first time; check key updates

The stock for the first time crossed the ₹300 mark.

Last week, the food delivery aggregator said it had raised ₹8,500 crore by selling equity shares to qualified institutional investors to fund its growth objectives.

The company opened its qualified institutional placement (QIP) issue on November 25.

In a regulatory filing, the company informed that the Fund Raising Committee of its Board approved the allotment of 33,64,73,755 (33.65 crore) shares to eligible qualified institutional buyers at an issue price of ₹252.62 apiece, aggregating to ₹8,500 crore.

These shares were allotted to investors at a 5% discount from the floor price, which was fixed at ₹265.91 per share.

Zomato Q2 FY25 Results

Zomato reported a consolidated net profit of ₹176 crore in the second quarter ended on September 30, 2024.

The company posted a consolidated net profit of ₹36 crore in the same quarter last fiscal.

Consolidated revenue from operations stood at ₹4,799 crore. It was at ₹2,848 crore in the year-ago period, it added. 

Total expenses were at ₹4,783 crore in the quarter under review against ₹3,039 crore in the corresponding period a year ago, it said.

Zomato also said that its results for the quarter and half-year ended September 30, 2024, were not comparable with other quarters and half-year results due to the acquisition of Orbgen Technologies Private Ltd (OTPL') and Wasteland Entertainment (WEPL), holding the 'movies ticketing' business and events business, respectively, from One 97 Communications Ltd (Paytm) in August this year.

Recently, Asia Index Private Ltd, a subsidiary of BSE, announced that Zomato will enter the coveted SENSEX index on December 23 this year. 

Zomato's inclusion in the 30-stock index marks a significant milestone for the company, which has seen an impressive rally over the past year.

Shares of the company have rallied 156% in the past 12 months and 140% so far in 2024. (at the time of writing this report)