The shares of one of the leading online food delivery platform providers gained nearly 1.5% to Rs 135.30 per share on Tuesday after Domestic Institutional Investor sold 4.5 crore equity shares in the company through open market transactions.
At 1:30 p.m, Zomato Ltd shares were trading at Rs 132.45, down 0.71 percent from the previous close on the National Stock Exchange. The company has a market capitalization of Rs 1,15,376 crore.
According to NSE Bulk deal data, Domestic Institutional Investor Motilal Oswal Mutual Fund sold 4.5 crore equity shares, accounting for 0.51 percent of paid-up equity, through open market transactions.
The shares were sold at an average price of Rs 138.15 each. As of December 2023, Motilal Oswal Flexi Cap Fund has held a 1.83 percent stake in Zomato, holding 15.94 crore shares.
Zomato’s revenues increased by 71 percent year on year from Rs 1,661 crore in Q2FY23 to Rs 2,848 crore in Q2FY24, while net profit increased, from a loss of Rs 250 crore to a profit of Rs 36 crore.
Zomato shares have delivered strong returns of over 65 percent in the last six months and returned 150 percent in a year.
Zomato Limited is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others. The company has a footprint across 23 countries with an average monthly food order of 10.7 million customers.
As per the December quarter, Foreign Institutional Investors hold a 54.88 percent stake in the company, While Domestic Institutional Investors hold 15.47 percent and retail investors hold 27.98 percent stake.
The company’s subsidiary Blinkit saw 29 percent sequential (Gross order value)GOV growth, in Q2FY24. On a YoY basis, the GOV growth was 86 percent. While zomato added a net addition of 28 new Blinkit stores during the quarter, taking the overall store count to 411 stores as of the end of the quarter.
Written by Omkar Chitnis
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