Zomato
Societe Generale, Morgan Stanley and others buy Zomato shares worth Rs 635 crore via block deals
Zomato saw Rs 635 crore in block deals with buyers like Societe Generale, Morgan Stanley, and Axis Mutual Fund, while Motilal Oswal sold 2.84 crore shares at Rs 226.85 each. Their platform fee rose to Rs 6 per order. Shares hit a 52-week high of Rs 232 but dropped 4.71% to Rs 218.35 with past platform fee increase details.
Comedians roast Zomato for platform fees, surge pricing. How CEO Deepinder Goyal reacted?
Zomato celebrated its 16th anniversary with a unique comedy roast event, featuring comedians humorously critiquing the company's recent policies, including platform fee hikes and controversial surge pricing during rain. The event, attended by Zomato CEO Deepinder Goyal and Blinkit CEO Albinder Dhindsa, also saw the release of a creative full-page newspaper ad and a special Gold membership offer for customers.
Motilal Oswal sells Zomato shares for Rs 646 crore in block deal
Motilal Oswal Mutual Fund sold ₹645.84 crore worth of Zomato shares, causing a 4.71% drop in stock price, despite a 15.8% gain over the past month.
Zomato shares fall 4.47% as Nifty gains
A total of 1,317,349 shares changed hands on the counter till time (IST).
Swiggy, Zomato, Blinkit, Bigbasket may soon start online liquor delivery in these states. Here are details
Several Indian states are considering pilot projects to allow home delivery of alcohol via online platforms like Swiggy and Zomato, starting with low-alcohol drinks. This move aims to cater to urban expats and diverse consumer preferences, improving convenience while addressing regulatory concerns with strict age verification and compliance measures. Industry executives report increased sales in states where such deliveries are permitted.
Tamil Nadu: Naam Tamilar Katchi party's Madurai North District official hacked to death
Days after the murder of BSP Tamil Nadu chief K Armstrong in Chennai, Naam Tamilar Katchi party's Madurai North District Deputy Secretary Balasubramanian was hacked to death. The incident occurred on Tuesday morning while Balasubramanian was walking in the BB Kulam area of Madurai, according to police.
Zomato makes a new high after 20% fee hike
Zomato's shares hit a record high after a 20% platform fee increase in select areas, potentially boosting operating profit. Founder Deepinder Goyal's stake in the company is now valued at ₹8,464 crore. Analysts project a 6-7% EBITDA impact with the fee hike. Stock has surged over 84% in 2024.
States may allow home delivery of liquor through quick commerce platforms like Swiggy, BigBasket, and Zomato
Deliveries were allowed temporarily during the Covid-19 lockdowns in Maharashtra, Jharkhand, Chhattisgarh and Assam with restrictions. However, now legitimate deliveries of alcobev are not allowed in these states, even though a few local online platforms continue to deliver, especially in Maharashtra.
Swiggy’s pre-IPO Esop sale; GST & ride-hailing apps
Food delivery company Swiggy will buy back Esops worth $65 million, its fifth such exercise. This and more on today’s ETtech Top 5.
Deepinder Goyal becomes India's newest billionaire after Zomato's multibagger rally
The 41-year-old Goyal, who studied Mathematics and Computing at IIT Delhi, owns about 36.95 crore shares in Zomato. The new-age stock zoomed over 4% in Monday's session, on the back of an increase in platform fee, to a fresh all-time high of Rs 232.
Big correction possible after a couple of months; VIP is a turnaround candidate: Sandip Sabharwal
Sandip Sabharwal says VIP could be a potential turnaround candidate. It is one of the stocks that we hold that has not performed and I would think that at these prices, it offers value and for people who want to wait, they could wait out the results, see if there are signs of turnaround, and then look at buying.
Court orders Zomato to pay Rs 60,000 for not delivering Rs 130 Momos
In October 2023, Sheethal successfully sued Zomato in Dharwad for not delivering momos ordered on August 31, 2023. After filing a legal notice, she received a Rs 133.25 refund and Rs 60,000 compensation. The court, led by Eshappa K Bhute, awarded Rs 50,000 for mental stress and Rs 10,000 for litigation costs. Zomato denied any wrongdoing despite confirmed inaction.
Zomato shares jump 4% to fresh all-time high on platform fee hike
Zomato's shares surged 4% to a new high of Rs 232 on BSE after raising platform fees to Rs 6 per order in major markets like Bengaluru and Delhi. The firm, along with Swiggy, initially charged Rs 2 per order last year, later increasing it to Rs 5 in select markets. The recent price hike represents an increase of 20% from the Rs 5 the two platforms were previously charging in these markets.
At zero dark 100, Flipkart to fire up quick commerce in festive season
Flipkart is set to open 100 dark stores before the Big Billion Days sale, entering the quick commerce arena. Competition with Zepto, Blinkit, and Swiggy Instamart intensifies during the festive season. Quick commerce growth expected to drive demand with focus on fast deliveries and expanded product offerings.
Zomato, Swiggy hike platform fee by 20% to Rs 6 per order
Food delivery giants Zomato and Swiggy shock customers with a 20% hike in platform fees to Rs 6 in key markets like Bengaluru and Delhi. Both platforms had started with a fee of Rs 2 per order, but increased them through the months.
Ola, Uber, Zomato among 21 entities registered under Delhi's motor vehicle aggregator scheme
Delhi's Transport Minister Kailash Gahlot said this initiative will not only promote green mobility but also set high standards for service quality and public safety in the transport sector. The scheme stipulates penalties ranging from Rs 5,000 up to Rs 100,000 per instance.
Zomato users get new 'Delete' feature after wife found husband making late-night orders
Zomato's Delete Order feature, announced by CEO Deepinder Goyal on X, originated from Karan Singh's 2023 viral plea. Singh's post humorously revealed how his inability to delete his order history had led his wife to discover his penchant for late-night snacks. His message was simple yet dramatic: "Bye bye Zomato or make me delete order history."
Karnataka aims to ensure proposed gig workers bill is ‘win-win for all’
The Karnataka government is planning to extend social security benefits to platform-based gig workers in Bengaluru. Tech firms have raised concerns, leading to a wider consultation. The proposed bill may include a fee on online transactions to fund welfare expenditure. The initiative follows discussions with various platforms and aims to protect workers' rights.
Zepto elevates Devendra Meel to chief business officer
Quick commerce major Zepto promoted senior vice president Devendra Meel to the post of chief business officer. Before joining Zepto in July last year, Meel, an IIM-Bangalore graduate, led strategy verticals at Zomato and Jio.
Hot Stocks: Brokerage take on TCS, Zomato, Federal Bank, ABB, Vedant Fashions and Prestige Estates
Jefferies upgraded TCS post Q1 earnings, increasing its target. UBS reviewed Zomato, Federal Bank, and ABB India. Morgan Stanley reaffirmed 'Buy' for Prestige Estates, while Axis Capital downgraded Vedant Fashions.
Zomato shares up 1.2% as Nifty drops
A total of 482,268 shares changed hands on the counter till time (IST).
Zomato celebrates 16th birthday with Gold membership for 6 months at just Rs 30
The Zomato ad featured a large photograph of its founder and CEO, Deepinder Goyal, along with smaller images of the company's top executives. The text, written in Hindi, expressed gratitude to customers: “16th janamdin par aap sabhi ko apna pyar barsane ke liye koti koti dhanyavaad” (On our 16th birthday, a big thanks to all of you for showering us with love).
Q1 result season begins: 30 companies may report over 100% growth in profit
Nifty may report 4% Q1 earnings growth driven by BFSI, auto, metals, healthcare, and real estate, with Trent and Zomato showing significant consumption sector growth. Pharmaceuticals Glenmark Pharma and Laurus Labs have high growth, private and PSU banks lower. Motilal Oswal and Kotak predict 30 companies may report over 100% profit growth.
Food services sector may grow at 8% CAGR in 2024-28: NRAI report
The food services sector in India is set to grow at a CAGR of 8.1% from 2024-2028, reaching Rs 7.8 lakh crore by FY28. According to the report, rising incomes, urbanisation and changing lifestyles are significantly increasing the frequency of dining out.
Affle India shares jump 7% after Citi initiates Buy rating, sees 17% upside
Affle (India) shares surged 7% to Rs 1,461.1 on BSE after Citi initiated a 'Buy' rating with a target price of Rs 1,600, suggesting a 17% potential upside. Citi expects Affle to benefit from rising mobile-ad budgets in India and EM.
Swiggy Instamart to focus on household consumption, immediate use cases products, says head
Swiggy Instamart head Phani Kishan Addepalli said the quick commerce platform's focus will continue to be on items of household consumption and those with immediate use cases, even as the company tries to expand beyond groceries and every day products. He was speaking at the India Health Snacking Summit in Delhi.
Zepto a ‘hyperlocal Walmart of India’, says CEO Aadit Palicha
Zepto, a quick commerce platform in India, raised $665 million in funding, valuing the company at $3.6 billion. The CEO sees Zepto as a hyperlocal Walmart focusing on groceries and household essentials. The company plans to expand its dark stores to 700 to compete with rivals like Blinkit and Swiggy Instamart. Zepto aims to capitalize on the massive market opportunity in the top 40 cities of India.
Swiggy launches 'Eatlists', a global-first feature in food delivery
The company said like creating and sharing music playlists, Swiggy's Eatlists feature will enable food enthusiasts to curate and share their favourite dishes directly within the Swiggy app.
Buy Zomato, target price Rs 250: JM Financial
Zomato Ltd., incorporated in the year 2010, is a Small Cap company (having a market cap of Rs 182957.59 Crore) operating in Services sector.
Zomato stops ‘Xtreme’ service; Reliance to bring back Shein
Zomato has halted its hyperlocal goods delivery service due to a lack of demand.
Persistent shares surge 3% post acquisition. Ticks all right boxes, says ICICI Securities
Persistent Systems' shares skyrocketed to a record high after sealing a deal to acquire Starfish Associates, boosting their AI offerings.
Zomato suspends hyperlocal goods delivery service Xtreme, restarts Intercity Legends: sources
Zomato's hyperlocal goods delivery service 'Xtream' was rolled out in nearly all the 750-800 cities where the company offers food delivery. Zomato has also removed the Xtream app from Google Play Store as well. The online food delivery giant has more than 300,000 delivery executives nationwide.
Zomato shares gain 0.16% as Sensex rises
A total of 498,354 shares changed hands on the counter till 11:57AM (IST)
JM Financial cuts Zomato's target price by 8% on ESOP costs
JM Financial has lowered Zomato's target price to Rs 230 from Rs 250, noting that ESOP costs are no longer considered one-off expenses following the approval of a new policy. The formulation of this policy indicates that ESOP costs will be treated as regular business expenses, expected to recur.
Momentum Pick: Will Zomato's 21% returns over a month and technical breakouts trigger another leg of rally?
Zomato shares surged 21% since June 4, outperforming the Sensex's 11% rise. Analysts predict up to 20% additional gains. The stock hit a 52-week high of Rs 213.80, closing at Rs 208.15. Momentum indicators show shares trading above 50 and 200-day SMAs with a 1-year beta at 0.6. Axis Securities noted sustained buying activity and net profit.
Food services market in India to reach Rs 10 lakh crore by 2030: Report
The food services market in India is set to reach Rs 10 lakh crore by 2030, with an estimated customer base of up to 45 crore, driven by an 18 per cent CAGR in online food delivery. Currently valued at Rs 5.5 lakh crore, the market is expected to grow at 10-12 per cent annually, with online delivery contributing 20 per cent by 2030, fueled by expanding customer base, digitisation, and regional diversity.
Food delivery market size to cross Rs 2 lakh crore by 2030: Bain-Swiggy report
The online food delivery market in India is on a significant growth trajectory, with Zomato leading in market share. Swiggy's overall gross order value has been increasing, as reported by Prosus. By 2030, the industry is set to witness substantial expansion, driven by convenience and improved customer experience.
Zomato shares up 1.76% as Nifty gains
A total of 1,029,681 shares changed hands on the counter till time (IST).
Stocks in news: YES Bank, DMart, Kotak Bank, Zomato, Hindustan Zinc
Indian markets corrected impacting shares of YES Bank, DMart, and Kotak Bank. Despite this, Zomato and Hindustan Zinc were affected, with DMart reporting increased revenue. Additionally, HDFC Bank's weight in the index may increase, as YES Bank reported growth in loans. Force Motors sales declined, KEC International secured new orders, and IEX saw an increase in electricity volume.
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Zomato shares up 1.32% as Nifty drops
A total of 1,805,623 shares changed hands on the counter till time (IST).
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Zomato gets Rs 9.5 crore tax demand, company to appeal against order
Food delivery company Zomato said it has received a tax demand from the Karnataka authorities, aggregating to Rs 9.5 crore. This is the latest of multiple orders the company has received previously; the last was Rs 11.82 crore in April.
Karnataka releases draft gig workers Bill; seeks comments from platforms, other stakeholders
Karnataka introduced draft Bill for app-based platforms to provide social security benefits to gig workers and sought public feedback. The Bill proposes fee on transactions and penalties for non-compliance. It aims to protect workers' rights and ensure basic social security. It is inspired by Rajasthan law and includes grievance redressal mechanism and prevention of illegal termination. the Bill promises welfare board, fund for gig workers. Discussions have been held with major platforms and International Labour Organisation for input.
GIFT Nifty nearing $100 billion monthly turnover milestone
This is an all-time high monthly turnover for GIFT Nifty, surpassing its previous record of US $91.73 billion set in May 2024 itself.
Jio Financial and Zomato could join derivatives segment, Nifty50
"If we assume Jio Financial and Zomato make it to the F&O segment before the third week of August, then there is a very high chance of them making it to the Nifty50 in the September review," Nuvama analysts Abhilash Pagaria and Abhishek Shetye wrote in their latest note.
Food Inc eyes quicker commerce on match day
With India battling South Africa in the T20 World Cup final this Saturday, quick commerce, food delivery services, restaurants, and brands are bracing for a massive order spike. As fans cheer on the Men in Blue, bars and restaurants screening the match anticipate packed houses and a jump of 20% to 50% in online sales.
India vs South Africa T20 World Cup Final: Food Inc eyes quicker commerce on match day
As the national men's cricket team aims to end the drought for an ICC trophy, bars and restaurants that plan to screen the match for fans back home expect to host a full-house and also cater to an increase of 20% to 50% in their online sales.
Jio Financial, Zomato can win Nifty ticket as Sebi tweaks F&O rules
Sebi has enhanced derivatives market criteria to ensure robust regulation and investor protection. Changes include higher thresholds and evaluation frameworks for stock entry and exit, promoting market vibrancy and stability. These upgrades may lead Jio Financial Services and Zomato to join Nifty50.
Zomato launches platform to offer hiring, regulatory services to restaurants
Zomato's move comes a week after rival Swiggy launched a new feature on its partner app to connect restaurants with staffing experts as part of a new recruitment support initiative.
Ecom Express sets the ball rolling for Rs 3,000-crore IPO
Third-party logistics firm Ecom Express is looking to list on the public markets to raise Rs 3,000 crore, two people aware of the development told ET. The Warburg Pincus-backed company has appointed bankers Kotak Capital, IIFL, Axis Capital, and UBS to take forward the process.
Tata funds pause is no 'debt-errent' at 1mg, BigBasket
BigBasket and 1mg–two of the biggest digital assets of Tata group–are choosing debt over equity for expansion in a critical year for them. As Tata Sons hits a pause on funding its ecommerce business, the two platforms are opting for debt for capex this financial year.
Ecom Express sets the ball rolling for Rs 3,000-cr IPO
"Ecom Express has initiated the process for the public issue, which includes both a fresh issue and an offer for sale from the existing investors. The company is likely to file its draft red herring prospectus soon," said one of the people cited above.
Better to own a set of stocks from the digital ecosystem rather than betting on one stock? 15 stocks with upside potential of upto 48%
Few day’s back there was an issue with the telecom provider and the services stopped for some time. Now which would be the companies which got impacted the most, the telecom service provider, the answer is no. As a customer one would not get any reduction in the monthly billing because services were down for some time. The companies which may have got impacted would be a platform company on which one orders food, such as a swiggy or zomato. The reason, in the peak time of demand, a customer is not able to order food online due to internet service being down, that demand will not come back when the internet is back. But the other platform company which sells insurance was also not impacted. The reason is, if one was planning to buy an insurance policy and there is no internet, the demand will get postponed not get extinguished. The digital ecosystem is making things simple but it is yet complicated when it comes to investing.
Ecom Express’ rights issue; Google Cloud chief interview
Ecom Express is planning a $170 million rights issue led by existing investors. This and more in today’s ETtech Top 5.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
Zomato growing faster than Swiggy, says CLSA with target price of Rs 248
Global brokerage firm CLSA has set a target price of Rs 248 per share for Zomato, acknowledging its lead over IPO-bound Swiggy. In its annual results release, Prosus, with a 32.7% stake in Swiggy, revealed that Swiggy's overall GOV growth, encompassing food delivery, quick commerce, and dining out businesses, was 26% YoY, while Zomato achieved a 31% YoY growth.
Deven Choksey on one sub-sector to be bullish on in run up to Budget
Maybe for buying the deep value investment opportunity, we will have to see a correction in the market. If at all it comes, that would be a good opportunity to buy into it. But otherwise, I maintain that I think, yes, the fundamental is not doubted. The current valuations are not comforting.
Bulls in Action: Sensex jumps over 200 points, Nifty crosses 23,600; mid and smallcaps outperform
Within the Nifty pack, UltraTech Cement, HDFC Bank, Divi's Lab, Coal India, and SBI were the top gainers while HCL Tech, Asian Paints, and Titan faced selling pressure. Shares of new-age companies like Paytm, Zomato, and Policybazaar traded higher by around 2% each after Morgan Stanley's bullish note.
Morgan Stanley sees 7-35% upside for new-age stocks
"We see macro factors aligning (multiple re-rating for growth stocks in India and other regions, tight PE/VC money keeping the competitive environment benign) with micro factors (strong execution reflected in market share gains, margin improvement driving profit upgrade cycle) and supporting share prices," said Morgan Stanley's analysts in a client note.
Food contamination cases: E-tailers turn more watchful, prepare to delist errant manufacturers
A human finger found in an order of ice cream recently brought food etailing into sharp focus. Following this weird episode, etailers are beginning to cast a keen eye on their suppliers, and bringing new policies with provisions to penalise errant partners.
Swiggy’s revenue up 24% in calendar year 2023; quick commerce unit economics improve: Prosus
Prosus, the largest shareholder in Swiggy, reported a 24% revenue growth for the year ended March 31, 2024, with Swiggy's gross order value increasing by 26% year on year.
Will a cryptocurrency like bitcoin grow, increase in value or disappear into oblivion? This factor decides
It is important to understand network effects because it is the singular force that drives economic value in the digital economy, as opposed to the traditional economy.
Hot Stocks: Brokerage view on Havells India, Apollo Hospitals, Zomato and TBO Tek
Top brokerage firms like Jefferies, Kotak Securities, and Goldman Sachs have issued ratings and targets for Havells India, Apollo Hospitals, and TBO Tek.
Zomato shares rise 1.0% as Nifty drops
The stock quoted a 52-week high price of Rs 207.3 and a 52-week low of Rs 72.55.
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
Ecommerce sellers count on cash-flow gains from GST cut
Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.
FPIs turn net buyers of Indian equities at Rs 12,170 crore in June so far after two months of selling
Foreign investors stage a comeback in holiday-shortened week, slashing net selling from 14,794 crore in June first week to Rs 3,064 crore at the end of second week.
10 BSE 100 stocks turned multibaggers in one year but Zomato, Trent beat them on this parameter
According to Ace Equities data, Trent leads the pack with a 213% return in one year and a beta of 0.70. Zomato, the food delivery platform, and Bajaj Auto, the two-wheeler company, yielded 162% and 107% respectively, with one-year betas of 0.78 and 0.42.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
Zomato launches feature to show users their cumulative order count on app
Zomato introduced a feature that shows the total number of orders placed across India right after you place your own order. This gives you a glimpse of how many orders are happening on the platform in real-time.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
Delivery boxes unhealthy: Nutritionist calls out Swiggy and Zomato over plastic containers; Zomato CEO responds
Celebrity nutritionist Luke Coutinho recently called on food delivery platforms Swiggy and Zomato to switch to biodegradable, non-plastic containers for food packaging. Highlighting the health risks of using plastic, especially for hot foods, Coutinho's appeal emphasized the need for safer food delivery practices. Zomato CEO Deepinder Goyal responded positively, promising to highlight restaurants that use food-safe packaging, while Swiggy is yet to respond.
Zomato shares rise 2.54% as Nifty gains
The stock quoted a 52-week high price of Rs 207.3 and a 52-week low of Rs 72.55.
The Pant Project raises $4.25 million in maiden funding round
The Pant Project will use the funds for offline retail store expansion, branding and marketing, technology development, and team growth, Dhruv Toshniwal, cofounder of the company told ET. The company gets about 60% of its revenue from top-tier cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, and Ahmedabad, and the balance 40% from tier II cities.
Goldman Sachs sells 44.20 lakh shares worth Rs 183 crore in Paytm via block deal
As per the shareholding data of One 97 Communications, Goldman Sachs Singapore held 84,01,067 shares or 1.32% stake in the fintech payment platform. Paytm shares on Tuesday settled in the red, breaking their two-sessions winning streak.
Ixigo IPO pops; AI jobs command premium pay
Ixigo lists at about 50% premium, ends day at 20% upper circuit. This and more in today’s ETtech Top 5.
eBikeGo plans to expand e-two-wheeler fleet to 1 lakh units by FY26
eBikeGo, under the leadership of founder and CEO Irfan Khan, plans to expand its e-two-wheeler fleet to 1-lakh units by FY26, targeting the growing last-mile and e-commerce segment.
Paytm shares fall 3% amid reports of talks to sell movie ticketing business to Zomato
If the deal goes through, it will be among the largest buyouts for Zomato after it acquired Uber Eats in 2020 and took over quick commerce platform Blinkit in 2021 in an all-stock deal valued at Rs 4,447 crore.
Zomato-Paytm deal will be a win-win for both companies: Pankaj Murarka
Stock might look a bit rich in terms of near-term valuations over the next four or six quarters, but I still think from a medium-term perspective the outlook for the group and business or stocks continues to remain positive.
Buy Zomato, target price Rs 250: JM Financial
Zomato Ltd., incorporated in the year 2010, is a Small Cap company (having a market cap of Rs 164259.65 Crore) operating in Services sector.
Hot Stocks: Brokerage view on Zomato, M&M, Vedanta and Infosys
JPMorgan maintained an overweight rating on Zomato with a TP of Rs 208. The brokerage said Zomato has been successful in some acquisitions, like Uber Eats India, Runnr, and Blinkit, while Nomura maintained a buy rating on M&M and raised the TP to Rs 3,374.
Stocks in news: Zomato, Paytm, HAL, Som Distilleries, Adani Enterprises, TCS
Sensex and Nifty hit new highs. NCLAT directs NCLT to re-hear APL Apollo Tubes insolvency plea. Reliance Jio's tech collaboration with TM Forum sees 80% resource increase. Police investigate child labor at Som Distilleries. Mahindra Lifespace targets sharp increase in sales. Lupin enters CDMO business. Alembic Pharma receives FDA approval.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Third Wave Coffee will add over 50 stores, expand to new cities: CEO Rajat Luthra
Third Wave Coffee, backed by Westbridge Capital, plans to open 50 new stores in existing markets like Bengaluru, Delhi-NCR, Mumbai, and Hyderabad, with a focus on Chennai, as stated by new CEO Rajat Luthra. The expansion comes as new-age coffee brands such as Blue Tokai, Subko Coffee and AbCoffee have seen a rush of venture capital.
Peak XV, Steadview, and Think Investments line up to fund jewellery retailer Bluestone in pre-IPO round
Jewellery retailer Bluestone is in talks with Peak XV Partners, Steadview Capital, and Think Investments for a $100 million pre-IPO round. The investment is expected to value Bluestone at around $900 million pre-money.
Quick may click with electronics too: Instamart, BBNow, others plan to extend superfast delivery to handsets, white goods by Diwali
Swiggy Instamart, Zomato, and BigBasket plan to expand quick commerce services to electronic products and white goods categories, delivering within 10-45 minutes by Diwali.
Paytm appoints Rajeev Agarwal to board; Neeraj Arora resigns
Paytm has appointed former Sebi whole time member Rajeev Krishnamuralilal Agarwal to the board as non-executive independent director as Neeraj Arora had resigned citing "personal commitments".
DPIIT’s action plan for startups; Infy’s push for Hubballi campus
In its action plan for the first 100 days, the DPIIT will focus on early-stage startup funding and a lesser burden of compliance for businesses. More on this on today’s ETtech Top 5.
What to do with Paytm, HUL, Adani Green and 3 other stocks? Aamar Deo of Angel One decodes
Markets are inherently intelligent by nature and structure, and given the kind of election mandate, markets had factored in the anti-incumbency & challenges that the government would face in the elections.
Zomato confirms discussions to acquire Paytm’s movies, ticketing business
Zomato confirmed in a stock exchange filing that it is in talks to acquire fintech Paytm's ticketing business, as reported by ET on June 16. The company added that "no binding decision" has been taken about the deal at this point. The deal could value the Paytm vertical at around Rs 1,600-1,750 crore.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Zomato in talks to acquire Paytm's movies, ticketing business; deal pegged at around Rs 2,000 crore
Zomato’s interest in acquiring Paytm's events and movie ticketing business is in line with the Gurgaon-based company's efforts towards capturing consumer demand across categories like food, grocery and entertainment. If the transaction goes through, it will be the second biggest acquisition for Zomato after it acquired quick commerce platform Blinkit in 2022 in an all-stock deal for Rs 4,447 crore.
