India, April 26 -- Brokerage firm Goldman Sachs maintained its 'Buy' rating on foodtech major Zomato in its latest report and hiked the price target (PT) for the stock by over 40% to INR 240 from INR 170 earlier.

The updated PT represents an upside of nearly 30% to the stock's close at INR 184.75 on the BSE on Thursday (April 25). Shares of the company surged over 3% during the intraday trading on the BSE on Friday (April 26).

Goldman Sachs cited the growth in Zomato's quick commerce business Blinkit for the increase in the PT.

"We note that Blinkit's implied valuation in our Zomato's sum of the parts (SOTP) is (close to) $13 Bn now, versus $2 Bn in March 2023, with per share implied value of INR 119 higher than food delivery, at INR 9...