What caused Swiggy's stock price to increase recently?

Swiggy's stock price increased due to a Rs 10,000 crore capital raise and a 'buy' rating upgrade from Bank of America Securities.

What is Swiggy's market position in quick commerce?

Bank of America Securities believes Swiggy is well-placed to fortify its No. 2 market share in the quick commerce sector.

What rating did Bank of America Securities give Swiggy?

Bank of America Securities upgraded Swiggy's rating to 'buy' from 'neutral'.

Home / Business and Economy / Swiggy Surges: Rs 10K Cr Raise Fuels Stock Rally

Swiggy Surges: Rs 10K Cr Raise Fuels Stock Rally

12 Dec

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Summary

Swiggy shares closed with a 4% gain on the NSE.
The rally follows a significant Rs 10,000 crore capital raise.
Bank of America Securities upgraded Swiggy to 'buy'.

Swiggy Surges: Rs 10K Cr Raise Fuels Stock Rally

Swiggy shares concluded the trading session on the NSE with a notable gain of almost 4%, reaching Rs 416.70. This marks the fourth consecutive day of positive closing for the company's stock, indicating strong market performance and investor optimism.

The recent surge in Swiggy's stock value is primarily attributed to two significant developments. Firstly, the company successfully raised Rs 10,000 crore in capital. Secondly, Bank of America Securities revised its rating for Swiggy, upgrading it to 'buy' from 'neutral'.

This upgrade by Bank of America Securities highlights the firm's positive outlook on Swiggy's future prospects. The brokerage cited that Swiggy is now strategically positioned to fortify its second-place market share in the competitive quick commerce space, signaling confidence in its growth trajectory.

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