Shares of door-to-door food delivery company Swiggy are ready to run away. This is a good earning opportunity for investors. Recently listed Swiggy shares saw a jump of four percent on Monday morning. At the same time, even today there was a rise in the shares of Swiggy. Now, international brokerage house CLSA has expressed hope that Swiggy shares may rise by 32 percent.
The share can go up to this much rupees
CLSA has expressed hope of considerable growth in the shares of this company which provides food delivery as well as groceries. The brokerage firm has issued an outer perform call of Rs 708 for investors with the expectation of a huge gain of 32 percent. This means that investors are advised that investing in Swiggy shares is a profitable deal to earn.
Still tending to lag behind Zomato
Despite the possibility of a rise in the shares of Swiggy, it has a tendency to lag behind Zomato, the number one company in the food service delivery sector. In this regard, CLSA believes that this difference is due to the difference in valuation and price of Swiggy. This brokerage house expects that quick commerce i.e. fast delivery in India can increase by 6 times in the next three years.
Swiggy will get the most benefit from this. Let us tell you, on Monday morning Swiggy shares were at Rs 553 65 paise. Which was 3.13 percent more than the closing price of the previous session. Brokerage firms say that Swiggy is ready to compete with its biggest rival Zomato in the stock market.
Income increased by 30 percent in the last quarter
Swiggy’s revenue has increased by 30 percent in the July-September quarter. In the same period last year it was Rs 2763 crore 30 lakh. Which has increased to Rs 3601 crore 50 lakh this year.
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