Zomato shares rose as much as 6% in early trading on November 25 on two big positives: inclusion in the 30-stock Sensex and approval for its Rs 8,500 crore Qualified Institutional Placement (QIP).
Zomato is the first new-age tech stock to be included in the 30-stock index after the latest BSE Sensex reorganization. It will take JSW Steel’s spot on December 23. The addition occurred during a startling spike in Zomato’s stock, which has risen more than 113 percent so far this year. The rebuilding of important indexes, such as the BSE 100, BSE Sensex 50, and BSE Sensex Next 50, was announced on Friday by Asia Index Private, a wholly-owned subsidiary of the BSE.
Zomato Stock Price
Zomato has reported remarkable increases in its stock price, with shares up 41% over the last six months and more than 128% year-to-date (YTD). Stable growth in its primary food delivery business and robust demand in its Blinkit rapid commerce section have been the main drivers of this expansion.
The stock’s worth has also increased significantly as a result of multiple brokerages raising their target prices for the company, citing strong potential in the rapid commerce and food delivery industries. Nomura, a Japanese brokerage firm, raised its target price from ₹280 to ₹320 while keeping its “buy” rating, indicating that the company’s growth has a lot of space to accelerate.
About Zomato
Zomato Limited was first established on January 18, 2010, in New Delhi, as a Private Limited Company under the name DC Foodiebay Online Services Private Limited. In accordance with a Special Resolution on May 16, 2012, the company’s name was changed to Zomato Media Private Limited, and the RoC issued a new Certificate of Incorporation on May 25, 2012. Later, on April 3, 2020, the company’s name was changed to Zomato Private Limited. As a result, on April 9, 2021, it became a Public Limited Company and was renamed Zomato Limited.
