Zomato’s to have new name… shares skyrocketed; Yes Bank shares too rise sharply

New Delhi: After going downhill for a long time, now the shares of food delivery company Zomato are running at rocket speed. With the beginning of the stock market on Tuesday, there was a boom in the shares of Zomato, which is increasing continuously. Along with this, there is a strong rise in the shares of Yes Bank.

Till the time of writing the news on Tuesday, Zomato’s shares were trading with a gain of 19.98 percent till 2 pm. The price of Zomato Stocks, which was flying like a rocket, increased by Rs 9.25 and it increased to Rs 55.55. The company’s shares closed at Rs 46.35 on the BSE on the last trading day. Zomato had chosen Employee Stock Option Plan (ESOP) in the past, after a continuous decline in shares.

The company will now distribute 4.66 crore shares to its employees at Rs 1 each. Under this, the Nomination and Remuneration Committee of Zomato approved the decision to give 4,65,51,600 equity shares to employees under stock options. Companies distribute ESOPs to their top executives despite running in losses. Only after this decision, there was a sudden rise in the shares.

Recently Zomato published its quarterly results. According to them, the consolidated net loss of Zomato has come down to Rs 185.7 crore in the April-June quarter of the current financial year. The food delivery company had a loss of Rs 356.2 crore in the same period a year ago. At the same time, Zomato had a loss of Rs 359.7 crore in the March 2022 quarter.

The shares of Zomato were listed on the stock market on 23 July 2021. Its issue price was fixed at Rs 76. Its shares were listed on BSE and NSE at a premium of more than 51 per cent at Rs 115. The shares reached a 52-week high of Rs 169 in November 2021. However, the company does not seem to be recovering from the decline that started after this.

Private sector Yes Bank has recently approved proposals for private equity investment in its board meeting. Under this, the bank will sell its 10 percent equity stake to Carlyle Group and Advent International for Rs 8,898 crore. After this decision, the shares of Yes Bank have also increased strongly.

By 2 pm on Tuesday, the bank’s shares were trading at Rs 17.35 with a gain of 13.77 per cent. Let us tell you that the profit of Yes Bank has increased by 50 percent to Rs 311 crore in the June quarter.

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