Stock to Watch: Zomato shares in focus as company announces fundraise plans via QIP mode
Zomato will be in focus on Friday as the food delivery company's board of directors will meet on October 22 to consider the plans to raise funds by issuance of equity shares by way of qualified institutions placement (QIP).
The company will also announce its September quarter earnings on this day which will be followed by an earnings conference call at 5 pm India time.
The company announced QIP after market hours and Zomato's shares closed at Rs 270.30 on the NSE, falling by Rs 3.95 or 1.44% over the Wednesday price.
The food and grocery delivery company had reported a Rs 253 crore net profit for the April-June quarter, compared with Rs 2 crore a year earlier, even as operating revenue rose 74% to Rs 4,206 crore.
The better-than-expected performance—analysts had estimated the profit to come in at Rs 215-235 crore—resulted in the Gurgaon-based company’s share price spiking towards the tail end of Thursday’s trading session, catapulting its market capitalisation to al ..
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