 "Zomato parent Eternal hits ₹3.16 trillion mcap, overtakes ONGC, Adani Ports")
Eternal, the parent company of Zomato, on Tuesday hit a market capitalisation of around ₹3.16 trillion, surpassing the likes of Adani Ports, Oil and Natural Gas Corporation (ONGC), etc. The stock closed at ₹327.3 apiece, up 1.24 per cent for the day.
Here are some of the major firms that Eternal has surpassed with it current market capitalisation:
- Adani Ports: ₹3.03 trillion
- ONGC: ₹2.96 trillion
- Bharat Electronics: ₹2.94 trillion
- Adani Enterprises: ₹2.77 trillion
- Wipro: ₹2.66 trillion
- Tata Motors: ₹2.63 trillion
- Coal India: ₹2.44 trillion
Some of the biggest companies in terms of market capitalisation are Reliance Industries (₹19.01 trillion), HDFC Bank (₹14.84 trillion), and Bharti Airtel (₹11.06 trillion).
Eternal’s share price has risen over 2.75 per cent in the past month and more than 31 per cent over the last three months. Earlier this month, domestic brokerage firm Motilal Oswal Financial Services (MOFSL) also turned bullish on the stock, updating its target price to ₹420. It also upgraded Swiggy, Eternal's competition, to a ‘Buy’ category with a target price of ₹560.
The firm backed the upside prospect of improving consumption backdrop, rational competition, and policy support.
Similarly, Nomura has also adopted a more positive outlook on Eternal, raising its target price to ₹370 on the back of stronger visibility in food delivery growth, a margin-friendly transition in quick commerce, and revised valuation methods.
The brokerage highlighted that Eternal’s food delivery arm has now entered a phase of steady and profitable expansion. With a “firm duopoly” in place between Eternal and Swiggy, Nomura noted that the industry has become more disciplined, supporting sustainable profitability.
On Eternal's quick commerce platform, analysts said Blinkit is undergoing a structural transformation that could unlock long-term margin improvements.