Top headlines: Zomato’s IPO impact; early bird firms’ net profit up 71%

Business Standard brings to you the top headlines on Monday

Zomato’s market capitalisation breached the Rs 1-trillion mark, overtaking some of India’s biggest companies. The blockbuster listing that led to this milestone will pave the way for other food tech firms, such as Swiggy, to go on a similar road. Read more on this and other top headlines for the day.

‘Zomato’s stellar IPO to have positive impact on foodtech firms’ valuation’ The blockbuster listing of online food delivery company Zomato is expected to set the stage for many food technology (foodtech) firms, including Swiggy, to follow suit. The stellar listing is expected to have a positive impact on their valuations if they plan to list or raise funds, said analysts and experts Zomato, the Gurugram-based company, is operating in a nascent industry. However, its Rs 9,375-crore maiden offering is now considered a test case for other foodtech start-ups planning to go public. Zomato’s initial public offering (IPO) drew bids worth Rs 2.1 trillion – it was subscribed 40x. On Friday, the stock ended with a gain of 66 per cent. Read more Q1 results: 230 early bird companies report 71% jump in net profit

The companies in cyclical sectors are likely to drive corporate earnings in the June 2021 quarter, too. The combined net profit of 230 early bird companies in Q1FY22 is up 70.6 per cent year-on-year (YoY), because of a favourable base and strong showing by firms in cyclical sectors, such as banking, metals & mining, cement, and oil & gas.

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