Shares of online food ordering and delivery platform Zomato gained 6% during 28 August’s intraday session after over 55 million company shares changed hands on the bourses via block deals. 

Around 31.98 million shares or 0.39% stake of the company changed hands on the NSE (National Stock Exchange), and approximately 26.5 million shares or 0.31% stake of the company changed hands on the BSE (Bombay Stock Exchange) via block deals. 

The names of the buyers and sellers have yet to be revealed. 

The shares of the company hit a 52-week high of Rs 102.85 on 7 August 2023.

So far, the shares of the company have appreciated by 56.93% in the last one year, against the 6% rise in the S&P BSE Sensex. 

During its April-June quarterly report, the company reported its first-ever profit at Rs 2 crore against a net loss of Rs 186 crore reported in the year-ago quarter. 

The company’s revenue from operations saw a 71% YoY increase at Rs 2,416 crore against the Rs 1,414 crore it reported in Q1FY23. 

The food delivery business is still in its early stages in India and has a long potential for growth. 

At 1:50 pm, the Zomato shares were trading at Rs 93.80 or 3.08% above its previous close on NSE.