Zomato shares in news as board to consider fund raising next week 

Shares of Zomato Ltd are in news today after the online food delivery firm said its baord would meet on October 22 to consider raising funds via 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.

The Zomato stock is trading neither in the overbought nor in the oversold zone, indicates its RSI of 47.7. A RSI above 70 signals the stock has entered overbought zone.

"This is to inform that a meeting of board of directors of the Company is scheduled to be held on Tuesday, October 22, 2024, inter-alia, to consider and approve the following:

a) raising of funds by issuance of equity shares by way of qualified institutions placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals, including the notice for the postal ballot for obtaining the shareholders’ approval in this regard, as may be required.

b) unaudited financial results (standalone and consolidated) of the Company for the quarter and half year ended September 30, 2024 (“Financial Results”)," said the firm.

The Zomato stock is trading lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages.

In terms of returns, Zomato stock has gained 118% this year and risen 137.62% in a year.

It has seen very less volatility in the last one 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 market cap of the firm slipped to Rs 2.39 lakh crore on Tuesday.