Quick commerce giant Swiggy saw its stock jump to as high as ₹364.95 apiece on Wednesday, riding on the momentum it gained on Tuesday after Morgan Stanley initiated its coverage with an “overweight” rating.
International brokerage firm Morgan Stanley set the Swiggy stock target at ₹405 a share, triggering investor interest in the sector. They attributed the positive target price to the company’s aggressive investment strategy and a marked improvement in the execution of the food delivery business.
Moreover, Morgan Stanley revised the total addressable market (TAM) estimate for quick commerce in India to $57 billion by 2030, from its earlier $42 billion outlook.
It also lifted the gross order value (GOV) outlook for the sector by 9 to 11 per cent for FY2026 to FY2028. Based on this, the brokerage firm estimates that Swiggy will post a 15.58 per cent CAGR in GOV for FY 2025 to FY 2028.
Swiggy rival Zomato’s parent Eternal also saw its shares spike more than 4 per cent as the BSE Sensex constituent hit a weekly high of ₹247.50 apiece on Wednesday.
Eternal shares closed at ₹245.50 on the BSE and Swiggy settled at ₹362.65 on the NSE at close.
Nifty, Sensex close higher
Eternal led the rally in the 30-pack BSE benchmark index, ending 3.3 per cent higher. The Sensex settled 0.32 per cent up at 80,998.25 while the Nifty went up 0.32 per cent to 24,620.20.
Other gainers included Airtel, IndusInd Bank, Tech Mahindra, Reliance Industries, Tata Motors, HDFC Bank, Tata Steel, and Hindustan Unilever.
They were marginally offset by losses in Bajaj Finserv, Axis Bank, Tata Consultancy Services, Titan, and L&T.
Geojit Investments’s Vinod Nair said, “The domestic market traded in a narrow range with a mildly positive bias, supported by favourable global cues such as strong US job data and signs of easing US-China trade tensions.”
