Even in the falling stock market, the shares of Zomato and Paytm kept the fire going, the deal talks gave a boost

Highlights

Zomato can buy Paytm’s ticketing business. Both the companies are negotiating for this agreement. Shares of both jumped with the news of the Zomato-Paytm deal.

New Delhi. The stock market fell sharply yesterday i.e. on Friday. Equity benchmark indices Sensex and Nifty fell by more than 1 percent each. But, even in the falling market, the shares of Zomato and Paytm rose sharply. While Zomato shares rose 19 percent intraday to reach its all-time high level, Paytm shares also jumped 9 percent to a 6-month high. Market experts are attributing the sharp rise in Zomato and Paytm shares to the talks going on between the two companies for a ‘deal’.

Zomato recently told the exchanges that it is in talks to buy Paytm’s movies and ticketing business. Zomato said in an exchange filing that it is currently in talks with Paytm and no binding decision has been taken which requires board approval or any disclosure. Paytm also mentioned in the exchange filing but did not disclose which company it is in talks with. Experts say that these talks have now progressed a lot.

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Deepinder Goyal made a profit of Rs 1,638 crore in a single day
On Friday, Zomato shares rose nearly 19 per cent to a new all-time high of Rs 278.45. This took the company’s total market capitalization to Rs 2.46 lakh crore. The market cap increased by about Rs 40,000 crore. This spectacular jump earned Zomato Chief Executive Deepinder Goyal a profit of Rs 1,638 crore. As of June 30, 2024, Deepinder held 36,94,71,500 equity shares or 4.19 per cent stake in the company. At the day’s highest level, his stake in the company was Rs 10,288 crore.

Zomato’s profit has increased 126 times
Zomato’s profit in the first quarter of FY 2024-25 has increased 126 times on an annual basis. The company has made a net profit of Rs 253 crore in this quarter. Zomato’s operating income has increased by 75 percent to Rs 4206 crore. In the first quarter of the last financial year, the company got a revenue of Rs 2416 crore. On a quarterly basis, the company’s revenue in the last quarter of FY 2023-24 was Rs 3562 crore. The company’s revenue has also increased by 18 percent on a quarterly basis. In the June quarter, the company’s EBIDTA came to Rs 177 crore.

Tags: Business news, Paytm, Stock market

FIRST PUBLISHED : August 3, 2024, 09:50 IST