Swiggy Shares Soar 8% Amid Food Delivery Sector Optimism
By ScanX News Team
Swiggy's stock rallied nearly 8%, reaching an intraday high of Rs 426.00. The surge follows strong quarterly earnings from peer company Eternal Ltd, boosting investor confidence in the food delivery and quick commerce sector. Swiggy's stock has gained 10.78% over the past month. Elara Securities initiated coverage with an 'Accumulate' rating and a target price of Rs 450.00. Out of 25 analysts tracking Swiggy, 19 maintain 'Buy' ratings. The company's quarterly results are scheduled for July 31.
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Swiggy , a leading player in India's food delivery and quick commerce sector, saw its shares rally impressively on Tuesday, reflecting growing investor confidence in the industry. The stock surged nearly 8%, touching an intraday high of Rs 426.00.
Strong Performance and Analyst Optimism
The surge in Swiggy's stock price comes on the heels of robust quarterly earnings reported by Eternal Ltd, a peer in the sector. Eternal Ltd demonstrated strong execution with a 23% quarter-on-quarter revenue growth and narrowing losses in its Blinkit and Hyperpure divisions. This positive performance in the sector has bolstered investor sentiment towards Swiggy.
Recent Stock Trends
Swiggy's stock has been on an upward trajectory, gaining 10.78% over the past month and 6.59% in the last seven days. This recent rally underscores the growing investor interest in the food delivery and quick commerce space.
Analyst Coverage and Ratings
Elara Securities has initiated coverage on Swiggy with an 'Accumulate' rating, setting a target price of Rs 450.00. The brokerage firm cited Swiggy's strong execution potential in both food delivery and quick commerce as key factors for their positive outlook.
The stock has garnered significant attention from the analyst community. Out of 25 analysts tracking Swiggy, 19 maintain 'Buy' ratings, indicating a broadly positive sentiment towards the company's prospects.
Upcoming Quarterly Results
Investors and analysts alike are eagerly awaiting Swiggy's upcoming quarterly results, scheduled to be announced on July 31. The announcement is expected to provide further insights into the company's performance and growth trajectory in the competitive food delivery and quick commerce sector.
As the food delivery and quick commerce industry continues to evolve rapidly in India, Swiggy's performance and stock movement will likely remain under close scrutiny by investors and market watchers alike.
Historical Stock Returns for Swiggy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.66% | -3.70% | +0.84% | -2.97% | -11.46% | -11.46% |
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