Swiggy's newly listed shares rose as much as 9.4% on Tuesday to Rs 542.10 on the BSE. The food delivery behemoth, which has experienced an amazing 27% growth from its IPO issue price of Rs 390, will release its financial results for the second quarter ended September today.
The public offering of Rs 11,327 crore by Swiggy received 3.59 subscriptions. While the section designated for employees saw 1.65 times the bidding, the retail investor group subscribed 1.14 times.
Separately, the company has been questioned by stock exchanges BSE and NSE on a news article titled "Swiggy expands 10-minute food delivery service Bolt to over 400 cities." We are awaiting Swiggy's response.
Support for technical setup was available at the counter for Rs 505. "At the current prices, investors may want to think about booking profit. Support would cost Rs 505, according to Ravi Singh, Religare Broking's Senior Vice-President (Retail Research).
"On daily charts, the price of Swiggy's stock is neutral to negative, with significant resistance at Rs 542. In the short term, a downward target of Rs 441 could result from a daily closing below the support level of Rs 505, according to research analyst AR Ramachandran, who is registered with Sebi.
The last time shares were spotted trading on the BSE, about 7.20 lakh were involved. Compared to the two-week average volume of 8.85 lakh shares, the number was lower. With a market capitalization (m-cap) of Rs 1,13,478.09 crore, the counter's turnover was Rs 37.42 crore.
The company's overall revenue for the first quarter increased from Rs 2,509.65 crore to Rs 3,310.11 crore.
