Shares of Zomato saw a significant boost, jumping by 6% in early trade on November 25. This surge came after the announcement of its inclusion in the prestigious 30-stock BSE Sensex and approval for a Qualified Institutional Placement (QIP) worth Rs. 8,500 crore.
The inclusion marks a milestone for Zomato as it becomes the first new-age tech stock to join the Sensex, replacing JSW Steel from December 23. This development comes amid a stellar rally in Zomato’s stock, which has surged over 113% this year.
The rise in Zomato’s stock price has resulted in a remarkable increase in its market capitalization. The company’s market cap surged by Rs. 15,524 crore, taking the total to Rs. 2,48,972.77 crore.
Key Highlights:
- Sensex Inclusion: Zomato is set to replace JSW Steel in the BSE Sensex starting December 23.
- Qualified Institutional Placement (QIP): Approval for Rs. 8,500 crore QIP adds to positive investor sentiment.
- Market Cap Surge: The market cap increased by Rs. 15,524 crore, reaching Rs. 2,48,972.77 crore.
- Year-to-Date Rally: Zomato’s shares have soared over 113% in 2024.
Zomato’s inclusion in the Sensex is expected to attract institutional investors, further bolstering its stock performance.
