Swiggy share jumps 6% as Axis Capital initiates with 'Buy', sees 20% upside

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Swiggy share jumps 6% as Axis Capital initiates with 'Buy', sees 20% upside - Business Standard

Quick Summary:

While food delivery, being a more mature segment, may see incremental gains, analysts noted, the q-com business offers major room for margin expansion.

The northward move in the Swiggy share price came after the domestic brokerage Axis Capital initiated coverage on Swiggy, with a ‘Buy’ rating and a target price of Rs 640 per share.

The performance was even stronger on the National Stock Exchange (NSE), where Swiggy shares opened at Rs 420, delivering a 7.6 per cent premium to its IPO price.