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Swiggy’s share cost rose 8% on Wednesday, getting to an all-time high and exceeding the Rs 500 mark for the very first time
Swiggy Share Price
Swiggy Share Price: Swiggy’s share cost rose 8% on Wednesday, getting to an all-time high and exceeding the Rs 500 mark for the very first time. The supply is currently trading at a 28% costs contrasted to its IPO cost of Rs 390.
Swiggy’s shares opened up 2% greater at Rs 468, contrasted to the previous close of Rs 461.90 on the NSE. The supply swiftly rose to a high of Rs 501.70, mirroring an 8% gain. By 11:10 AM, the supply was up 6.5% at Rs 492, with over 2.2 crore shares traded. Swiggy’s market capitalization got to Rs 1,03,349 crore.
The surge in Swiggy’s supply follows UBS started protection with a “Buy” rating, extending the gains from the previous two trading days. UBS highlighted that Swiggy is closing the gap with its competitor Zomato in terms of margins and scale, setting a target price of Rs 515 for the stock.
In addition, a report by JPMorgan revealed that Swiggy Instamart is now the fastest player in India’s growing quick commerce sector, outperforming competitors like Blinkit, Zepto, BB Now, and Flipkart Minutes. According to JPMorgan, Swiggy’s delivery arm recorded the lowest median delivery time among its peers, offering deliveries in just 8 minutes across the top four cities, surpassing its promised 6-minute delivery window.
Swiggy is set to announce its results for the September quarter on December 3, 2024. The company’s board will meet to approve its unaudited financial results for the quarter and half-year ending September 30, 2024.
Swiggy’s shares made their market debut on November 13, listing with an 8% premium at Rs 420 on the NSE, compared to the IPO issue price of Rs 390. The stock debuted at Rs 412 on the BSE.
Swiggy operates in the delivery services sector, offering mobile-based and web-enabled services for the collection, consigning, distribution, and delivery of goods.
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