Zomato up and down

Zomato is showing a lot of action today morning. The stock, which had closed yesterday at Rs.76.60, opened slightly higher today at Rs.79.95 and went on to hit a new 52-week low at Rs.75.55. It is now trading in the positive at Rs.76.95, which is just about in the green.

Zomato announced yesterday evening that it’s Board has approved grant of a $150 million loan to Blinkit, an online shopping platform formerly known as Grofers.

This is not the news which the market was looking at – there is unconfirmed news doing the rounds that Zomato has actually signed an all-stock merger with Blinkit though there has been no word on this from either of the companies.

In August, Zomato had acquired a more than 9% stake in Blinkit for Rs.518 crore.

Meanwhile Zomato also announced picking up a 16.66% stake in Mukunda Foods for an aggregate cash purchase of $5 million. This is a food robotics company that designs and manufactures sma1t robotic equipment to automate food preparation for restaurants.