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