Zomato Shares Soar Over 5% On Jump In Revenues In June Quarter

Zomato shares soared nearly 5 per cent in a weak market a day after the company reported a jump in revenues in the quarter June 2021. Zomato's revenue from operations in the first quarter of the current fiscal stood at Rs 844 crore, compared to Rs 266 crore in the corresponding period last year, marking a three-fold increase year-on-year. At 11:30 am, Zomato shares were trading at Rs 131.75, up 5.44 per cent, on the BSE.

The newly listed company, however, reported a net loss of Rs 356 crore in the June 2021 quarter compared to a loss of Rs 99.8 crore in the year-ago period as its dining-out business was impacted by the Covid-19 pandemic.

This is Zomato's first quarterly earnings update since its stellar stock market debut last month. Last month, Zomato had listed at a premium of 53 per cent and subsequently achieved a market capitalisation of Rs 1.08 lakh crore on the BSE.

The BSE Sensex was trading at 54,271.75, lower by 280 points or 0.51 per cent and the NSE Nifty was at 16,196.10, down 85.30 points or 0.52 per cent at the time.