Swiggy shares rally another 8% as brokerages back growth potential
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Shares of newly-listed Swiggy climbed as much as 8.1% on Wednesday to Rs 499 on BSE, with the stock surging nearly 16% in the past two sessions after UBS became the latest brokerage to initiate coverage on the food delivery major with a “Buy” rating, highlighting Swiggy's promising growth in India's food delivery and quick commerce markets. Brokerage firms - HDFC Securities, Motilal Oswal and JM Financial - were the first ones to initiate coverage on Swiggy with particularly bullish views. Swiggy made its Dalal Street debut on November 11, with the stock hitting a record high of Rs 489.25 on November 14. UBS Brokerage UBS initiated coverage on the leading food delivery player on Monday with a “Buy” rating and a target price of Rs 515, citing potential for growth amid India’s expanding online food delivery and quick commerce markets. UBS said that Swiggy is well-slated to benefit from its improving margins and scale. The brokerage ...