Eternal (Zomato) gains 15% after Blinkit posts standout quarterly results
Eternal—the company behind Zomato and Blinkit—just had a great day on the stock market, with shares jumping nearly 15% after Blinkit posted standout quarterly results.
For the first time, Blinkit outpaced Zomato in growth, being seen as a front-runner in quick-commerce despite competition from rivals like BigBasket and Amazon.
The stock hit ₹311.25, making it a top performer on the Nifty 50.
Analysts expect Blinkit's success to keep boosting Eternal going forward
After seeing these numbers, at least 10 brokerages raised their price targets for Eternal's stock (now at a median of ₹311 from ₹287.5), and four even upgraded their ratings.
Jefferies analysts admitted they'd underestimated how strong Blinkit could be, while Nuvama highlighted a massive 127% jump in Blinkit's net order value to ₹92 billion year-on-year.
With this momentum, analysts expect Blinkit's success to keep boosting Eternal going forward.