Zomato Hits Record High, Shares Surge 6%

19 Aug 2024 , 01:04 PM

On Monday, shares of foodtech business Zomato rose 6% to a new 52-week high of ₹280 on BSE.

In the June quarter, Zomato claimed a multi-fold increase in Q1 profit from ₹2 crore in the same period previous year to ₹253 crore. Revenue from activities in the reporting year climbed 74% year on year (YoY) to ₹4,206 crore.

Zomato shares have more than doubled so far in calendar year 2024, with a market capitalisation approaching ₹2.5 lakh crore.

Zomato stock was also in the headlines after the CEO of Blinkit Albinder Dhindsa, Zomato’s rapid commerce arm, announced that his company had reached an all-time high in orders in a single day in a matter of minutes. “We also achieved our highest-ever OPM (orders per minute), GMV, chocolate sales, and most other measures today. And at its climax, we reached 693 RPM (Rakhis per minute),” he explained.

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