On November 13, despite the continued decline in the Indian stock market, online food delivery company Swiggy had a spectacular listing on the stock market. Swiggy shares, issued at an issue price of Rs 390, touched a high of Rs 465.80 with a rise of 19.43 per cent on the first day. On the first day of Swiggy’s listing, several domestic and foreign brokerage houses released their coverage reports on the stock’s performance, emphasizing the company’s future prospects.
What is the report?
Global brokerage firm Macquarie believes that Swiggy shares can reach Rs 700 in the long term. Macquarie analysts say Swiggy will need to show rapid growth to achieve success like Zomato. As per the report, Swiggy stock is likely to rise by 53% from the current level. At the same time, Macquarie in its report has set a short-term target for the stock at Rs 325, which is less than the issue price. But maintaining a long-term target of Rs 700 has been considered a fair value.
Report released by HDFC Securities
At the same time, domestic brokerage firm HDFC Securities, releasing its coverage report on Swiggy, recommended investors to add this stock and set a target price of Rs 430. According to HDFC Securities, Swiggy’s market share currently stands at Rs 456. According to him, Swiggy was once the market leader but is currently 4-6 quarters behind Zomato in the food delivery sector.
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This is the company’s objective.
JM Financial has also taken a positive stance on Swiggy stock. It has advised investors to invest in Swiggy shares and has maintained a target price of Rs 470, which is about 20% higher than the issue price. The brokerage firm believes that due to the presence of only two major companies in the food delivery sector, there will be room for growth and profits. Additionally, immense potential is also being seen in quick commerce through Swiggy’s Instamart service.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you want to invest money in any of them, first consult a SEBI certified investment advisor. TV9 Bharatvarsh will be responsible for any profit or loss. Digital Will will not be responsible.)
