Shares of online food delivery major Zomato rose over 2 per cent on Friday, October 20, touching the day's high of Rs 114.35 apiece. Zomato shares were in focus as around 9.27 crores, or 1.07 per cent, of equity shares changed hands in the pre-open session. According to a Zee Business report, SVF Growth Fund was likely to offload a 1.1 per cent stake, or 93,569,368 equity shares, in the online food delivery major.

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At around 9:25 a.m., shares of the foodtech giant traded 0.81 per cent higher on the BSE at Rs 112.6 apiece. The stock hovered near its 52-week high of Rs 115 apiece, and the market capitalisation of the company at around the same time stood at Rs 96,886.06 crore.

As per Zee Business research, SVF Growth Fund SoftBank, which holds a 2.17 per cent stake in Zomato as of September 30, is the likely seller.

Zomato recently tied up with the Indian Railway Catering and Tourism Corporation (IRCTC) for the supply and delivery of preordered meals through the IRCTC’s e-catering portal as a Proof of Concept (PoC) in the first phase at five railway stations: New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.

Foreign entities (FIIs) and domestic entities (DIIs) in the last quarter have also raised their stakes in the company, which has contributed to a sharp rise in the food delivery company's stock price in the last six months when it jumped 107.57 per cent against the Nifty 50 benchmark's jump of 12.56 per cent during the same period.

While FIIs have increased their stake in the company to 54.7 per cent in the second quarter from 54.4 per cent in the previous quarter, DIIs have shown more interest in Zomato, increasing their stake to 13 per cent in Q2 FY24 from 9.9 per cent in Q1 FY24.

Zomato share price history

Since January, the stock has gained over 87 per cent outperforming the headline index's rise of over 7 per cent.

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