support@headlinenews360.com
Swiggy Share Price: Despite the sharp fall in the Indian stock market on Wednesday 13 November, online food delivery company Swiggy got a spectacular listing on the stock exchange. Swiggy’s stock with an issue price of Rs 390 surged 19.43 per cent to reach an intraday high of Rs 465.80. On the very first day of Swiggy’s listing, many domestic and foreign brokerage houses also released their coverage reports regarding the stock. Global brokerage firm Macquarie believes that Swiggy’s stock can go up to Rs 700 in the long term. That means the stock can rise by up to 53 percent from the current level.
700 rupees is fair value
Macquarie believes that Swiggy will have to show rapid growth to reach the success of Zomato. Macquarie analysts say that they are giving more importance to Swiggy than Zomato. Although the brokerage house had given a target of Rs 325 for the stock for short term, which is less than the issue price, but for the long term a target of Rs 700 has been given. Macquarie said in its research note, Rs 700 is a fair value for Swiggy.
HDFC Securities advice on adding stocks
Domestic brokerage firm HDFC Securities has also released its coverage report on Swiggy. The brokerage firm has given a target price of Rs 430 advising investors to add Swiggy’s stock. However, Swiggy’s share is above this at Rs 456. According to HDFC Securities, Swiggy was once the market leader but the company is 4-6 quarters behind Zomato in the food delivery business.
JM Financial also bullish
JM Financial has also advised investors to buy Swiggy’s stock. The brokerage house has given a target of Rs 470 i.e. 20.5 percent above the issue price. According to the brokerage house, there will be growth and profits due to the presence of only two companies in food delivery. There is immense potential for growth in Quick Commerce Instmart. According to the brokerage house, Swiggy is the fastest growing company among the big names related to consumption.
Disclaimer: (The information provided here is for informational purposes only. It is important to note here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. ABPLive.com It is never advised for anyone to invest any money here.)
read this also
