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Shares of India's Zomato surged as much as 19% to a record high on Friday, a day after the food delivery company's first-quarter profit blew past expectations, powered by strong growth in its Blinkit grocery delivery business.

The stock's surge defied the weakness in the broader market and its 15% increase as of 10:19 a.m. IST put it on course for its best one-day percentage jump since August 2022.

At least 9 of the 23 analysts covering Zomato raised their target price on the stock, per LSEG data, lifting the median target to 260 rupees, below the stock's record high of 278.70 rupees on the day. Analysts' average target is about 243 rupees.

"Zomato's food delivery business is stable and Blinkit offers a generational opportunity to participate in the disruption of industries such as retail, grocery and e-commerce," said Motilal Oswal.

Zomato's profit of 2.53 billion rupees ($30.2 million) in the April-June quarter was well above expectations of 2.15 billion rupees, highlighting Blinkit's strength despite stiff competition from the likes of Tata group-owned BigBasket and IPO-bound Swiggy's Instamart.

Blinkit's gross order value, the total value of all orders, surged 130% in the quarter, much higher than the 97% in the previous quarter and Elara Capital's estimate of 100%.

Zomato's shares have gained 110% so far this year, making it the top gainer on the Nifty 100, whose 1% drop on the day reduced its year-to-date gains to 18%.