Shares of Swiggy Limited witnessed a notable surge, closing at ₹439.35, reflecting a 4.61% increase from the previous close of ₹390.00. This strong performance led to a significant gain in the company’s market capitalization.
As of today’s trading session, Swiggy Limited’s market cap reached ₹98,469.30 crore, an increase of approximately ₹11,060.57 crore from the previous session. The stock opened at ₹420.00, reached a high of ₹449.00, and touched a low of ₹391.00, marking a volatile yet upward trend.
Brokerage Initiation and Analyst Insights
Brokerage firm JM Financial has initiated coverage on Swiggy, assigning the stock its first ‘buy’ rating with a target price of ₹470, indicating a potential upside of 20% from the IPO price of ₹390. Swiggy, which listed at an 8% premium on November 13, saw its shares surge to ₹448, marking a gain of around 15%.
JM Financial analyst Swapnil Potdukhe expressed confidence in Swiggy’s growth trajectory, highlighting the potential of its Instamart quick commerce segment to reach a scale comparable to its core food delivery business. The brokerage views Swiggy as a significant player in India’s hyperlocal delivery market, second only to Zomato, and sees multiple avenues for the company to achieve sustainable margins.
Key Trading Information
- Traded Volume: 966.80 lakh shares
- Traded Value: ₹4,106.67 crore
- Deliverable Percentage: 54.52%
Price Information
- 52-Week High: ₹449.00 (as of 13-Nov-2024)
- 52-Week Low: ₹391.00
- Upper Price Band: ₹504.00
- Lower Price Band: ₹336.00
Additional Security Information
- Status: Listed
- Date of Listing: 13-Nov-2024
The steady climb in Swiggy’s share price highlights positive investor sentiment, bolstered by optimistic brokerage coverage, which contributed to the surge in its market cap.
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