Swiggy Stock Reaches All-Time High
Today, shares of Swiggy shot up by 11.5% to reach a new all-time high of Rs 593.65 on the BSE. This surge came after Axis Capital, a domestic brokerage firm, gave the stock a ‘buy’ rating and set a target price of Rs 640.
Positive Outlook
Axis Capital believes that it is India’s second-largest food delivery player, has a bright future ahead. The brokerage firm sees Swiggy as a compelling investment opportunity due to the underpenetrated food delivery and Q-com businesses in India.
Expansion Plans and Growth Potential
Swiggy’s ambitious plans to expand its stores in the Q-com sector are expected to boost its growth and revenue. The company’s focus on cost control is also improving, making it an attractive investment option.
Market Leadership and Innovation
Axis Capital highlighted Swiggy’s strong leadership team and innovative capabilities as key factors that will help the company maintain its position as a market leader in the food delivery industry.
Stock Performance and Trading
Since its listing in November, Swiggy’s stock price has increased by 30% on the NSE and 32% on the BSE. Currently, the stock is trading above its significant moving averages and is near the 61 mark on the relative strength indicator (RSI).
Block Deal Activity
Earlier today, around 11.1 lakh shares of Swigy were traded in a block deal. The parties involved in the transaction have not been disclosed at this time.