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 would be auctioned for 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. Zomato stock opened higher at Rs 119.35 on December 7. Zomato stock has risen 89% in a year and is expected to rise 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. 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.
SoftBank, through its affiliate SVF Growth Singapore Pte, will sell a 1.09 percent equity share in Zomato in a bulk deal valued Rs 1,040.5 crore in October 2023. The transaction followed the selling of a 1.17 percent share in Zomato in August.
SoftBank owned 2.17 percent of the food delivery services business at the end of September, according to ownership records.
Zomato reported a net profit of Rs 36 crore in the September quarter, compared to a net loss of Rs 251 crore the previous year. Revenue in the second quarter increased 72% year on year to Rs 2,848 crore, up from Rs 1,661 crore in the September 2022 period. Revenue increased 18% sequentially, while the operating deficit remained practically unchanged. Zomato declared a net profit of Rs 2 crore in the June quarter.
