Food and grocery delivery firm Swiggy’s early moves stir pot in food, qcom

SoftBank-backed food and grocery delivery firm Swiggy’s shares gained 5.6 per cent in the morning session on Tuesday, reaching an intraday high of Rs 567.8 per share on the BSE. However, the stock closed 1.13 per cent higher at Rs 543.55 per share. In comparison, the S&P BSE Sensex finished flat at 81,510.05.

The surge in Swiggy’s stock came after global brokerage CLSA initiated coverage on the company with an ‘outperform’ rating and set a 12-month price target of Rs 708 per share. This represents a 31.7 per cent upside from the previous close of Rs 537.5 per share on the BSE.