Swiggy shares rise nearly 5% after Jefferies sets ₹435 target
Business
Swiggy's stock popped nearly 5% on Thursday after global brokerage Jefferies gave it a big thumbs up, setting a target price of ₹435: that's about 60% higher than its last close.
This bounce also snapped Swiggy's two-day losing streak.
Jefferies welcomes Swiggy's 49.5% foreign cap
Jefferies is excited about Swiggy becoming more Indian-owned, with shareholders capping foreign ownership at 49.5%.
This move could help Instamart run more efficiently and boost margins by ₹4 to ₹5 per order.
While the transition should cut regulatory risks, Jefferies did flag that some foreign investors might pull out, and the change will take a few weeks to finish.