New Delhi: Swiggy share price jumped nearly 12 per cent to close at Rs 594 apiece on December 16, 2024 (Monday). The stock jumped after Axis Capital gave a Buy call and predicted it to rise to the level of Rs 640.
Initiating a Buy rating on Swiggy, Axis Capital projected the stock to appreciate 20 per cent. It may be noted that CLSA has given a target price of Rs 708. The brokerage backed the stock of the food delivery and quick-commerce major to rise as the firm is India’s second-largest quick-commerce cum food delivery player and is expanding.
Axis Capital initiated the Buy rating on Swiggy as it believes that the food delivery and quick commerce business is yet to expand to its full potential in the country and can have a long growth runway. Swiggy has set ambitious targets for itself.
Swiggy shares made their market debut on November 13, 2024. The share listed on BSE with 5.6 per cent gain at Rs 412 on BSE. On the National Stock Exchange (NSE), Swiggy shares opened at Rs 420, a listing gain of 7.6 percent, against the IPO allotment price of Rs 390.
Swiggy Q2 Results 2024-25
In its y for the quarter and half year ended September 30, 2024, Swiggy announced it demonstrated accelerated growth and rise in protability across both food delivery and quick commerce.
Platform Gross Order Value (B2C GOV) grows ~30% YoY to INR 11,306 Cr, and Consolidated Adjusted
EBITDA loss reduces 30% YoY to INR 341 Cr
Food delivery Adjusted EBITDA nearly doubles to INR 112 Cr, as superior order growth drives
operating leverage
Instamart GOV growth accelerates to 24% QoQ and Contribution margin improves 124 bps QoQ
alongside the addition of 52 stores and 12 cities
Instamart aims to more than double the active dark store area YoY, to 4 mn sq ft by March-25
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Swiggy share price experienced a significant 12 per cent increase, closing at Rs 594 on December 16, 2024, following a ‘Buy’ recommendation from Axis Capital, which projected a price target of Rs 640. This positive outlook is fueled by Swiggy’s strong Q2 results. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
