Eternal gains 2% as Morgan Stanley sees 32% upside

Shares of Eternal, previously known as Zomato, rose 2 percent to Rs 246 in morning trade on June 3 after Morgan Stanley reiterated as its top pick in the space, citing the company's leadership in both food delivery and quick commerce, efficient cost structure, and a strong balance sheet that reduces the risk of further equity dilution.

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The brokerage has maintained its price target at Rs 320, implying a 33 percent upside from current levels, and sees a potential floor at Rs 200-220, offering what it calls a compelling risk-reward profile. A key driver behind the bullish stance is the rising addressable market in quick commerce. With faster customer additions and an expanding city footprint, Morgan Stanley now estimates India's QC market will grow to $57 billion by 2030, sharply higher than its earlier forecast of $42 billion.