New Delhi: Swiggy's shares are rising today. In early trade, the stock rose by about 6 percent to reach the level of Rs 457. At 12:50 pm, the stock was trading at Rs 445.50 on NSE with a gain of 3.44 percent. Swiggy's stock was listed in the market on November 13 itself. Foreign brokerage firm UBS has advised investors to buy Swiggy shares.

The brokerage says that Swiggy's stock is currently 35% cheaper than its rival Zomato. In the online food delivery (OFD) segment, Swiggy is reducing the gap with Zomato in terms of margin and scale. At the same time, Swiggy has also performed encouragingly in the quick commerce (Q-com) segment, but there is still scope for improvement. The brokerage firm is confident that Swiggy has significant growth potential in the changing market.

The shares were listed on November 13.
The online food delivery company Swiggy was listed on November 13, 2024. Swiggy's shares were listed on BSE and NSE. The company's shares were listed at Rs 412 on BSE and at Rs 420 on NSE. The final price of Swiggy's IPO was Rs 390. Swiggy's IPO was subscribed a total of 3.59 times.

Target Price
UBS said in its coverage report on Swiggy's stock, Swiggy's stock can cross the level of Rs 500 and reach Rs 515 in the next 12 months. That is, the stock is likely to rise by 25 percent from the current level. Since its listing on November 13, 5 brokerage houses have released their reports on Swiggy shares.

JM Financial has recommended buying the stock and said that the price of Swiggy's share has been fixed at Rs 470. Motilal Oswal Financial Services has given it a neutral rating and set its target price at Rs 475, while HDFC Securities has given it a 'buy' rating and a target of Rs 430.

Macquarie's different view
Global brokerage firm Macquarie has given an 'underperform' rating to Swiggy shares and set a target price of ₹ 325. Macquarie believes that Swiggy has great growth potential, but its journey towards profitability may be challenging and uneven.