Zomato's stock surges as a Rs 158 crore block deal triggers a bullish trend, shares trade at Rs 156

Zomato, the Indian food delivery and restaurant discovery platform, has been a key player in the food-tech industry. Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, the company has grown rapidly, expanding its services to multiple cities across India and abroad.

In a recent development, Zomato, the popular food delivery giant, witnessed a significant block deal where shares worth Rs 158.42 crore changed hands. The recent block deal involving Zomato shares indicates a strong investor interest in the company. This transaction could be seen as a vote of confidence in Zomato's business model and growth prospects. Let's delve into the details of this transaction and its implications.

The Block Deal

On February 28, approximately 1.01 crore shares of Zomato were traded through a block deal, as reported by Bloomberg data. These shares represent a 0.11 percent stake in the company and were exchanged for Rs 156.9 per share. The total value of the deal amounts to Rs 158.42 crore.

SoftBank's Previous Exit

In December, SoftBank's venture capital firm, SVF Growth (Singapore) PTE, quit Zomato by purchasing 9.36 crore shares for Rs 1,127.51 crore in open market transactions. This move marked a significant shift in Zomato's ownership landscape.

Zomato's Financial Performance:

Zomato, a prominent player in the food delivery industry, showcased its financial prowess in its Q3 results. The company reported a net profit of Rs 138 crore, marking the third consecutive quarter of profitability. This achievement is particularly impressive considering Zomato's previous net loss of Rs 347 crore in the corresponding period last year. Moreover, Zomato's revenue witnessed a significant surge, soaring by 69 percent from the previous year to reach Rs 3,288 crore.

Share Price Movement:

Following a recent block deal with Zomato, its shares experienced a slight dip, closing 1.61 percent down at Rs 158.7. This movement caught the attention of investors, who closely monitored the market response. Zomato's stock remains a topic of interest among traders and investors alike.

Conclusion:

Zomato's journey from losses to profitability is commendable and reflects its resilience and growth trajectory. Investors and stakeholders eagerly anticipate further developments as the company continues to navigate the competitive landscape of the food delivery industry. Zomato witnessed a Rs 158 crore block deal, with shares trading at Rs 156, which highlights the dynamic nature of Zomato's stock price and its significance in the Indian market.

In summary, the Rs 158 crore block deal underscores Zomato's resilience and growth trajectory. As the company continues to innovate and expand, all eyes remain firmly fixed on its performance and strategic moves.