Eternal, Swiggy shares jump up to 6%: Here's why
What's the story
Shares of Eternal and Swiggy have hit multi-month highs today. The surge comes after Eternal's launch of an AI-powered hotline for delivery partner onboarding and increased mutual fund investments in both companies. Eternal's shares jumped over 6% to ₹307.45 each, their highest since November 21. Meanwhile, Swiggy's shares surged over 5% to ₹350.95 each, a peak in nearly a month.
Tech innovation
AI hotline for delivery partner onboarding
Eternal has launched an AI-powered hotline (89200 89200) to simplify the onboarding process for delivery partners. The company said, "the call initiates an AI-enabled WhatsApp journey where onboarding and background verification unfold in minutes." This comes after Eternal's launch of an artificial intelligence (AI)-powered customer support platform called Nugget for businesses worldwide last year.
Market trend
Mutual fund investments surge in new-age companies
A report by the Economic Times has revealed that domestic mutual funds held shares worth around ₹1.77 lakh crore in about 12 new-age companies. This is nearly double from last year's ₹95,000 crore. Eternal and Swiggy are among the major names where these mutual fund houses have increased their stakes significantly.
Market activity
Block deals boost share prices
Eternal and Swiggy's shares also witnessed several block deals, further pushing their prices higher. Nearly 1.19 crore shares of Eternal changed hands in multiple block deals, worth over ₹344 crore at the previous closing price of ₹288.85 each. Meanwhile, over 21.6 lakh shares of Swiggy changed hands in six large block deals, worth around ₹72.08 crore at the previous closing price of ₹333.7 each.