The shares of Indian food delivery firm Zomato Ltd nearly doubled in value on its debut on July 23 as it is the first stock market listing of an Indian startup valued at more than $1 billion. On Zomato’s listing valuations, Sudheer Guntupalli, Lead Analyst-Technology Sector at ICICI Securities said, “In terms of valuation, its near-term valuation is a misleading metric to look at the company given that neither the sales nor the profitability structure has yet attended the steady state.”

Food ordering app Zomato's 52 percent premium listing will have an indirect impact on Info Edge India. Why? The Noida-based internet technology company holds close to 15 percent stake in Zomato. Therefore, Zomato's blockbuster listing the valuation of Zomato in Info Edge will also consequently go up.

The Indian rupee pared early losses to close 6 paise higher at 74.40 against the US dollar on Friday following gains in the domestic equities. At the interbank forex market, the domestic currency witnessed heavy volatility. The local unit opened weak at 74.55 a dollar and touched a low of 74.58 in morning trade.

The deputy governor of the Reserve Bank of India, T. Rabi Shankar had said on Friday, that the central bank is working on a “phased implementation strategy” for introducing central bank digital currency (CBDC) in India.