DBT Bureau
Bengaluru, 25 November 2024
Zomato share price started the early morning trade on Monday with a gain as the company’s share became the first new age stock to gain an inclusion in the BSE Sensex.
At the opening trade, Zomato was trading 5.79% up at Rs 279.49 on the back of two positive factors playing out in favour of the company.
Firstly, as part of a recent rejig of the BSE Sensex, Zomato became the first new-age tech stock to gain an inclusion in the 30-stock index from December 23, replacing JSW Steel.
Asia Index Private– BSE’s wholly-owned subsidiary, announced the reconstitution of key indices, including BSE 100, BSE Sensex 50, and BSE Sensex Next 50 last Friday. As part of the reconstitution, Zomato will part of Sensex as the company’s share showed spectacular rally in the last one year.
So far this year, Zomato’s share price has gained 125%, while it has gained close to 150% in last one year.
Meanwhile, the company’s plan to raise funds through QIP (qualified institutional placement) is seen as another positive that may work in firm’s favour. On Friday, Zomato’s shareholders gave a green signal to its Rs 8,500 crore fundraise through the QIP mode.
Zomato’s competitor- Swiggy, which listed recently on bourses- saw its share price trading marginally up Rs 418 on Monday morning trade.
