Swiggy Ltd. share price rose nearly 6% on Tuesday after CLSA started coverage on the company. The brokerage rated the stock Outperform and gave a target price of Rs 708 apiece, which implied 32% upside potential.
Despite the possibility of Swiggy lagging behind Zomato Ltd., Swiggy will have enough room for growth in both the quick commerce and food delivery space, CLSA said.
Swiggy will also likely to be the largest beneficiary of India's quick commerce growth, the brokerage said.
Since its listing in early November, HSBC Global Research, Bernstein, HDFC Research, Macquarie, Nuvama and Motilal Oswal Financial Services started covering the stock.
Further, after releasing its disappointing July–September results, most of the brokerages remained positive about Swiggy.
On Nov Swiggy listed on the BSE at Rs 412, marking a 5.64% premium from its issue price of Rs 390 on Wednesday. It debuted at Rs 420 on the National Stock Exchange at a 7.7% premium.
Swiggy share price rose 5.78% to Rs 567.90 apiece, the highest level since Dec 5. It was trading 3.19% higher at Rs 554 apiece as of 10:06 a.m., as compared to 0.15% advance in the NSE Nifty 50 index.
The stock gained 21.49% since its listing on Nov 13. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 67.27.
Out of eight analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.4%.
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