Last Updated:
Swiggy’s share price soared 8% on Wednesday, reaching an all-time high and surpassing the Rs 500 mark for the first time
Swiggy Share Price
Swiggy Share Price: Swiggy’s share price soared 8% on Wednesday, reaching an all-time high and surpassing the Rs 500 mark for the first time. The stock is now trading at a 28% premium compared to its IPO price of Rs 390.
Swiggy’s shares opened 2% higher at Rs 468, compared to the previous close of Rs 461.90 on the NSE. The stock quickly surged to a high of Rs 501.70, reflecting an 8% gain. By 11:10 AM, the stock was up 6.5% at Rs 492, with over 2.2 crore shares exchanged. Swiggy’s market capitalization reached Rs 1,03,349 crore.
The rise in Swiggy’s stock comes after UBS initiated coverage 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.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
