Swiggy’s share price on Wednesday rose 8% to hit an all-time high and for the first time crossed Rs. 500 was crossed.
Swiggy Share Price: Swiggy’s share price rose 8% on Wednesday, hitting an all-time high and for the first time at Rs. 500 was crossed. The share is now Rs. 390 is trading at a premium of 28% compared to the IPO price.
Shares of Swiggy on the NSE had earlier traded at Rs. 461.90 up 2% to close at Rs. 468 was opened. Shares quickly rose to Rs. reached a high of 501.70, representing an increase of 8%. As of 11:10 AM, the stock rose 6.5% to Rs. was at 492, with over 2.2 crore shares exchanged. Swiggy’s market capitalization is Rs. 1,03,349 crore has been reached.
The rise in Swiggy’s stock comes after UBS initiated coverage with a “buy” rating, extending gains over the past two trading days. UBS highlighted that Swiggy is closing the gap with its rival Zomato in terms of margins and scale, setting a target price. For stock Rs. 515.
Additionally, a report by JPMorgan states that Swiggy Instamart is now the fastest growing player in India’s growing fast commerce sector, beating competitors like Blinkit, Zepto, BB Now and Flipkart Minutes. According to JP Morgan, Swiggy’s delivery arm recorded the lowest average delivery time among its peers, offering delivery in the top four cities in just 8 minutes, beating 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.
Shares of Swiggy made their market debut on November 13, trading on the NSE at Rs. 420 was listed at an 8% premium, with an IPO issue price of Rs. was 390. The stock traded on BSE at Rs. 412 debuted.
Swiggy operates in the delivery services sector, providing mobile-based and web-enabled services for collection, consignment, distribution and delivery of goods.
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