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Jio gained 30 basis points (bps) sequentially, taking its RMS in the fiscal first quarter to 43.3% while Bharti Airtel’s was flattish at 36%, said experts, analysing first quarter revenue numbers of the top private carriers.

A total of 106,266 shares changed hands on the counter till 02:06PM (IST).

Earlier in the year, Zomato had acquired quick commerce company Blinkit (formerly Grofers), for Rs 4,447 crore in an all-stock deal. Zomato shares have lost over half of its value so far in 2022.

The NSE Nifty 50 Index has surged more than 14% from a mid-June low as overseas investors turned buyers after months of withdrawals. That drove the benchmark from levels described by traders as oversold to strongly overbought territory in just 39 sessions, the quickest pace since 2003.

“We have posted the highest ever sales in the last quarter and we have seen demand uptick across all our different channels. We have seen it across multiple geographies with tier two, tier three towns showing uptick. So, that is certainly a good indicator. We are also trying to look at how customers are responding to the increase in prices and being cautious. We are trying to balance both.”

However, the stock failed to touch even its issue price since listing and had plunged more than 70 per cent to record lows of Rs 462.10 in February this year. The stock has risen close to 30 per cent since those levels.

The quota reserved for qualified institutional buyers (QIBs) was subscribed 87.56 times while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 17.5 times and 5.53 times, respectively.

A total of 185,017 shares changed hands on the counter till 01:20PM (IST)

“From the second or third quarter onwards, we believe that the management commentary of most IT companies would start cautioning us that the demand environment has started to slow down. From cues we are picking from US companies, some are hinting towards a cut in IT spends and with lag, it will reflect in the commentary of most of the IT companies in Q2 and Q3.”

High growth with margin expansion is likely to be a challenge, said the note. A double-digit contribution margin in food delivery will be a tough task. The global investment is of the view that Blinkit will only delay its path to profitability. Going forward, the capital allocation should be monitored carefully.