
Zomato shares hit 52-week high; here's why
On a year-to-date basis, Zomato has gained 75%.
On a year-to-date basis, Zomato has gained 75%.
Monthly incomes of long-shift food delivery workers plunged 11% to ₹11,963 in May 2022 from ₹13,470 in 2019
Tiger Global, through its investment vehicle Internet Fund IV, sells 12.34 crore shares, or 1.44% stake in Zomato, at an average price of ₹91.01 per share.
Zomato's net profit stood at ₹2 crore for the first quarter compared to a loss of ₹186 crore in the year-ago period.
Most leading Q-commerce players have a negative EBITDA, while offline grocers have a positive EBITDA of 5 to 8%, says McKinsey
At present, the company's stock is trading 98.02% higher than the 52-week low of ₹40.55, which the company touched on July 27 last year.
The company's better-than-expected March quarter results as well as the revision in discounts by ONDC (Open Network for Digital Commerce) have aided the investor sentiment.
Zomato share price surged as much as 7.7% on Friday to hit an intraday high of ₹73.
On Friday, the country's central bank announced the withdrawal of ₹2,000 denomination banknotes from circulation.
The deal is part of a plan of Zomato to go completely electric by 2030 as part of its commitment to “The Climate Group’s EV100” initiative.