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Zomato, the popular online food delivery platform, experienced a significant surge in its share prices on Thursday, September 12, 2024. The stock climbed over 4%, reaching a new record high, driven by a broader market rally. This positive performance reflects investor confidence in the company's continued growth and success.
The stock's impressive performance was evident on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). On the BSE, Zomato shares jumped 4.49% to close at Rs 283.90. During the trading day, the stock reached an all-time high of Rs 285.95, marking a 5.24% increase. Similarly, on the NSE, the stock soared 4.25% to close at Rs 283.30.
The surge in Zomato's share prices resulted in a substantial increase in the company's market valuation. It went up by a significant Rs 10,978.72 crore, reaching a total of Rs 2,50,807.91 crore. This reflects the substantial investor interest in the company and its potential for future growth.
The stock's upward trajectory has been evident since September 4, with a remarkable rally of 16.87% during this period. Furthermore, Zomato's shares have experienced a phenomenal 129.50% surge year-to-date, demonstrating the strong investor confidence in the company's future prospects.
This positive performance comes amidst a broader market rally, with the benchmark indices also reaching new heights. The 30-share BSE Sensex crossed the 83,000 mark for the first time, driven by a sharp rally in the latter part of the trading day. The index surged 1,593.03 points or 1.95% to hit an intra-day peak of 83,116.19 and ended at a record high of 82,962.71. Similarly, the NSE Nifty also reached a record closing high of 25,388.90, up by 470.45 points or 1.89%.
Zomato's impressive stock performance is a testament to the company's strong position in the Indian food delivery market. The company has consistently been at the forefront of innovation in the sector, offering a wide range of services and leveraging technology to enhance its customer experience. Investors are clearly optimistic about Zomato's future prospects, fueled by the company's strong growth potential and its ability to capitalize on the expanding online food delivery market in India.