Despite the ongoing decline in the Indian stock market on November 13, online food delivery company Swiggy had a spectacular listing in the stock market. Swiggy’s stock, issued at an issue price of Rs 390, reached a high of Rs 465.80 with a rise of 19.43 percent on the very first day. On the very first day of Swiggy’s listing, various domestic and foreign brokerage houses released their coverage reports on the performance of the stock, in which emphasis has been laid on the future prospects of the company.
What is the report?
Global brokerage firm Macquarie believes that Swiggy’s stock can reach Rs 700 in the long term. Macquarie analysts say that Swiggy will need to show rapid growth to achieve success like Zomato. According to the report, there is a possibility of an increase of up to 53% in Swiggy’s stock 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 keeping a target of Rs 700 for the long term, it has been considered a fair value.
HDFC Securities released report
At the same time, domestic brokerage firm HDFC Securities, while releasing its coverage report on Swiggy, has advised investors to add this stock and has given a target price of Rs 430. According to HDFC Securities, Swiggy’s share is currently at Rs 456 in the market. According to him, Swiggy was once the market leader, but currently it is 4-6 quarters behind Zomato in the food delivery sector.
This is the target of the company
JM Financial has also adopted a positive stance regarding Swiggy’s stock. He has advised investors to invest in Swiggy’s stock and has kept a target price of Rs 470, which is about 20% more 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 scope for growth and profits. Besides, immense potential is also being seen in quick commerce through Swiggy’s Instamart service.
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