Zomato shares news as council considers fundraising next week

Shares of Zomato Ltd are in the news today after the online food delivery company said its board would meet on October 22 to consider raising funds through a qualified institutional placement (QIP) issue. The board will also review the unaudited financial results for the quarter and half year ended September 2024. In the previous session, the stock ended 1.29% lower at Rs 270.65 against the previous close of Rs 274.20 on BSE .

Zomato stock is trading neither in the overbought nor oversold zone, its RSI is 47.7. An RSI above 70 signals that the stock has entered the overbought zone.

“The purpose is to inform that a meeting of the Company’s board of directors is scheduled to be held on Tuesday, October 22, 2024, among others, to consider and approve the following:

a) raising funds through issuance of shares by way of placement in qualified institutions as permitted by applicable laws, subject to such regulatory/statutory approvals, including notice for postal voting to obtain shareholder approval in this regard, as needed.

b) unaudited financial results (individual and consolidated) of the Company for the quarter and semester ended September 30, 2024 (“Financial Results”)”, said the office.

Zomato shares are trading below the 5-day, 10-day, 20-day, 30-day moving averages but above the 50-day, 100-day, 150-day and 200-day moving averages.

In terms of profitability, Zomato shares are up 118% this year and are up 137.62% in one year.

There has been much less volatility over the past year, with a beta of 0.8. A total of 10.60 lakh shares of Zomato changed hands, amounting to a turnover of Rs 28.76 crore on BSE. The company’s market capitalization fell to Rs 2.39 lakh crore on Tuesday.