Shares of Swiggy rose 8 percent on Wednesday, hitting an all-time high and crossing the Rs 500 mark for the first time.
Swiggy Share Price: Shares of Swiggy rose 8% on Wednesday, hitting an all-time high and crossing the Rs 500 mark for the first time. The stock is now trading at a 28% premium over its IPO price of Rs 390.
Shares of Swiggy It opened at Rs 468, up 2% from the previous close of Rs 461.90 on the NSE. The stock surged to a high of Rs 501.70, reflecting an 8 percent gain. As of 11:10 AM, the stock was up 6.5% at Rs 492, with over 2.2 crore shares exchanged hands. Swiggy’s market capitalization reached Rs 1,03,349 crore.
Swiggy’s stock rose after UBS initiated coverage with a “buy” rating, adding to gains from the past two trading days. 515 for the stock.
Also, a JPMorgan report revealed that Swiggy Instamart is now the fastest growing player in India’s growing instant commerce sector, beating rivals like Blinkit, Zepto, BB Now, and Flipkart Minutes. According to JPMorgan, Swiggy’s delivery arm recorded the lowest median delivery time among its peers, offering delivery in just 8 minutes across the top four cities, beating its promised 6-minute delivery window. of
Swiggy is set to announce its results for the September quarter on December 3, 2024. The Board of the Company will meet to approve its unaudited financial results for the quarter and half-year ended September 30, 2024.
Swiggy shares made their market debut on November 13 at Rs 420 on the NSE at an 8% premium, compared to the IPO issue price of Rs 390. The stock opened at Rs 412 on BSE.
Swiggy operates in the delivery services sector, offering mobile-based and web-enabled services for receipt, delivery, distribution and delivery of goods.
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