Zomato's market capitalization raced briefly past IRFC and Nestle as the company's shares gained after the company posted strong results.
What Happened: Zomato's shares zoomed 19.05% to hit an all-time high of ₹278.70 on Friday after the company declared strong results in its June quarter. Zomato's net profit surged over 100 times to ₹253 crore from ₹2 crore in the previous year. The food delivery company's revenue rose 74% to ₹4,206 crore. Both the numbers beat estimates.
With the stock surge, the company's market cap hit a peak of ₹2.46 lakh crore taking it over major companies such as Nestle, IRFC, Tata Steel, JSW Steel and Grasim Industries.
See Also: Adani Ports Shares In Red After Q1 Print, But Brokerages Remain Strongly Bullish
| Companies | Market Cap In ₹ Lakh Cr |
| Zomato | 2.46 |
| IRFC | 2.44 |
| Nestle | 2.38 |
| JSW Steel | 2.22 |
| Tata Steel | 1.98 |
| Grasim Industries | 1.82 |
| SBI Life Insurance | 1.78 |
| LTI Mindtree | 1.66 |
| HDFC Life Insurance | 1.51 |
| BPCL | 1.49 |
| Hindalco | 1.47 |
Price Action: Shares of Zomato were up 13.71% to ₹266.19 on Friday morning. Zomato’s shares have risen over 200% in the last year.
Read Next: ITC’s Q1 Results Divides Brokerages As Cigarette Business Does Heavy Lifting, Shares Muted
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.