Swiggy Limited’s shares have increased by over 5% today. This rise comes after a new prediction from the brokerage firm CLSA, which has given a “buy” rating for Swiggy’s shares. According to CLSA, Swiggy’s shares are expected to cross Rs 700.
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Today, Swiggy’s shares opened with a gain and reached Rs 567.80 on the Bombay Stock Exchange (BSE), which is very close to the company’s 52-week high of Rs 576.95. In the last two weeks, Swiggy’s share price has risen more than 20%.
Target Price Set by Brokerage House
CLSA has set a target price of Rs 708 for Swiggy’s shares. This target is 31% higher than the closing price on Monday. Out of 8 brokerage houses covering Swiggy’s shares, 3 have recommended buying, 3 have recommended selling, and 2 have advised holding.
Company’s Losses Reduce
Swiggy has shown improvement in its financial performance. For the quarter between July and September 2024, the company reported a loss of Rs 625.50 crore.
This is lower compared to the loss of Rs 657 crore in the same quarter last year.
Additionally, Swiggy’s revenue for the September quarter grew by 30% year-on-year, reaching Rs 3601.45 crore, compared to Rs 2763.33 crore in the same period last year.
Reduced Losses and Increased Revenue
Swiggy has shown improved performance in the September quarter. The company reported a loss of Rs 625.50 crore for the July-September period of FY 2024-25, which is less than the Rs 657 crore loss in the same period last year.
The company’s revenue grew by 30% year-on-year, reaching Rs 3601.45 crore compared to Rs 2763.33 crore in the same quarter last year.
Swiggy’s shares opened today with a gain and reached Rs 567.80, just below the company’s 52-week high of Rs 576.95. This marks a significant rise of more than 20% in the past two weeks.