Zomato and Paytm Share Price: Shares of Zomato rose 2.8% to an intraday high of Rs 267 from its previous close of Rs 260.03. The surge in stock price came a day after its board acquired Paytm’s entertainment ticketing business.
The food-delivery company has proposed to acquire the ticketing business for a value of Rs 2,048 crore. However, the ticketing business will continue to run on the Paytm app for a period of 12 months for a smooth transaction, said Zomato in an exchange filing.
“As part of the transaction, 280 employees will move to Zomato. There is no other major physical infrastructure being acquired,” said the company.
Furthermore, the company said that in FY24, Paytm’s ticketing business generated a gross order value of more than Rs 2000 crore, a growth of 29% on year. It generated a revenue of Rs 297 crore in FY24.
Also, the stock of One97 Communications, parent firm of Paytm, rose 5.3% to an intraday high of Rs 604.70.
Zoamto’s shares gave a return of more than 17% in the last one month and increased by almost 61% in the past six months. Zomato was listed on NSE on July 23, 2021, at a precise of Rs 116 apiece. The stock is up 124% from its listing price.
To compare, the benchmark index Nifty 50 has given a return of 1.6% in the past four trading sessions and 1% in the last one month. The index has risen 28% in the last six months and almost 130% in the past five years.