Eternal's Remarkable Market Performance

Shares of Eternal, the parent company of Zomato and Blinkit, experienced a significant surge, jumping nearly 15% on Tuesday. This remarkable performance was fueled by the company's strong quarterly revenue report, which has significantly bolstered investor confidence, especially in its quick-commerce arm, Blinkit.

Breaking New Ground

Eternal shares reached new 52-week highs, with prices soaring to Rs 311.60 on the BSE and Rs 311.25 on the NSE. Following a 6% gain on Monday, Eternal emerged as the top performer among Sensex and Nifty firms during early trading sessions.

Blinkit's Unprecedented Growth

Blinkit, renowned for its rapid 10-minute deliveries, has surpassed Zomato in growth for the first time, reporting a staggering 127% year-on-year increase in net order value to Rs 9,203 crore. This growth has outpaced that of the core food delivery segment, marking a pivotal moment for the company.

Analysts' Optimistic Outlook

Following these results, at least ten brokerages have raised their price targets on Eternal's stock, with four upgrading their ratings. The median price target now stands at Rs 311, up from Rs 287.5 a month ago, reflecting a growing optimism among investors and analysts alike.

Financial Highlights

Despite a decrease in consolidated net profit to Rs 25 crore in the June quarter from Rs 253 crore a year ago, Eternal's revenue from operations saw a substantial increase to Rs 7,167 crore from Rs 4,206 crore. However, expenses also rose to Rs 7,433 crore from Rs 4,203 crore, indicating the company's aggressive expansion and investment strategies.