Eternal shares jump as Blinkit breaks even; CEO Deepinder Goyal to step down Feb 1
Shares of Eternal (ETEA.NS) surged as much as 8% on Thursday after its quick-commerce arm Blinkit broke even, strengthening investor confidence in the company’s position amid intensifying competition in India’s rapidly expanding quick-delivery market. The stock later pared gains and was trading about 1% higher at 9:43 a.m. IST.
Eternal posted a 73% rise in third-quarter profit to 1.02 billion rupees, while Blinkit reported adjusted core earnings of 40 million rupees, reversing a 1.56 billion rupee loss in the previous quarter. The performance prompted positive commentary from analysts, with Jefferies noting Blinkit’s profitability came as competitive intensity appears close to peaking.
In a major leadership change, Eternal said founder and CEO Deepinder Goyal will step down after 18 years effective February 1, with Albinder Dhindsa, head of Blinkit, set to take over. Goyal will assume the role of vice chairman, a move analysts at Elara Capital said supports strategic continuity while ensuring uninterrupted execution.
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