On Friday, 22 November, BSE just accounted that the Deepinder Goyal-led Zomato is all set to replace JSW Steel in the BSE Sensex. Zomato is scheduled to replace JSW Steel on 23 December. 2024.
This has made Zomato the first new-age stock to enter the 30-share frontline index. Following this, the shares of the JSW Group will exit as a part of the planned rejig.
One of the main reasons behind this inclusion is that the food-delivery industry reached unbelievable heights last year. The stock price of the company has gotten a 42% increase in the last six months and over 112 percent year-to-date.
The Zomato stock has given around 130% returns in the last year, thus outperforming the Sensex benchmark. The market capitalization of the Zomato stood at Rs 2.33 Lakh Crore on Friday.
In the last quarter, the revenue of the company has risen by 69%, which has amounted to Rs. 4,799 crore. Besides this, the net profit of the company has also jumped to Rs. 176 Crore.