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Zomato shares in focus as SoftBank likely to sell 1.1% stake today

Zomato shares in focus as SoftBank likely to sell 1.1% stake today

Zomato shares ended at Rs 121.80, up 2.44% in the last session on BSE. However, it was not immediately known who will be the buyers in this transaction.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Dec 8, 2023 9:07 AM IST
Zomato shares in focus as SoftBank likely to sell 1.1% stake todayZomato shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
SUMMARY
  • Zomato stock opened higher at Rs 119.35 on December 7.
  • In a year, the Zomato stock has risen 89% and climbed 102% in 2023.
  • A total of 43.36 lakh shares of Zomato changed hands amounting to a turnover of Rs 52.40 crore on BSE.

Shares of online food delivery provider Zomato Ltd are in focus amid  reports which said Japanese tech giant SoftBank is likely to sell shares of Zomato worth Rs 1125 crore or 1.1% stake via a block deal today. The shares will be sold at a price of Rs 120.50 per share. Zomato shares ended at Rs 121.80, up 2.44% in the last session on BSE. However, it was not immediately known who will be the buyers in this transaction.

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Zomato stock opened higher at Rs 119.35 on December 7. In a year, the Zomato stock has risen 89% and climbed 102% in 2023.

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A total of 43.36 lakh shares of Zomato changed hands amounting to a turnover of Rs 52.40 crore on BSE. The market cap of the firm rose to Rs 1.06 lakh crore on Thursday.  Zomato stock has a one-year beta of 0.1, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Zomato stock stands at 60.8, signaling it's trading neither in the overbought nor in the oversold zone. Zomato shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.    

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Also read: Zomato shares up 3% amid block deal; stock logs Rs 3,360 cr turnover; Alipay likely seller

In October 2023, SoftBank through its affiliate SVF Growth Singapore Pte offloaded a 1.09 percent equity stake in Zomato in a bulk deal worth Rs 1,040.5 crore. The sale came post 1.17 percent stake sale in Zomato in August.

As per shareholding data at September-end, SoftBank owned 2.17 percent in the food delivery services provider.

Zomato reported a net profit of Rs 36 crore in the September quarter against a net loss of Rs 251 crore during the same quarter last year. Revenue in Q2 climbed 72% year-on-year to Rs 2,848 crore from Rs 1,661 crore in the September 2022 quarter.

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On a sequential basis, the company's revenue rose 18%, while the operating loss remained nearly the same. During the June quarter, Zomato had reported a net profit of Rs 2 crore.

Also read: Adani Power shares hit 52-week high, up 36% in four sessions

Also read:Top stocks to watch on December 8, 2023: HUL, Focus Lighting, REC, IRCON, Wheels India and more

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Dec 8, 2023 8:28 AM IST
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