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Swiggy's share price surged 7% following UBS's initiation of coverage with a 'buy' rating, citing a price target based on discounted cash flow and multiples. Analysts noted that Swiggy's market share is stabilizing, with volume growth in 2024 aligning with industry trends and improving margins. They project Swiggy's GMV growth from FY24-27E to match Zomato's, with adjusted EBITDA margins reaching 2.8% by FY27E.
Zomato CEO Deepinder Goyal has extended his voluntary salary waiver of Rs 3.5 crore until March 31, 2026, adding two more years to his initial commitment. He will continue his responsibilities as MD and CEO while remaining eligible for variable pay, with his stake in Zomato valued at over Rs 10,000 crore due to a significant rise in the company's stock.
Swiggy shares surged 6% to Rs 456 after UBS initiated coverage with a 'buy' rating, projecting a target price of Rs 515, indicating a potential 27% upside. The brokerage noted Swiggy's strong growth prospects and its narrowing margin gap with Zomato, while highlighting areas for improvement in quick commerce.
UBS has initiated coverage on Swiggy with a 'buy' rating and a target price of Rs 515, highlighting the company's growth potential in India's online food delivery and quick commerce sectors. Despite losing market share to Zomato in 2023, Swiggy has made strategic adjustments, aligning its volume growth with industry trends while improving margins. UBS projects Swiggy's online food delivery Gross Merchandise Value to grow at a low-20% CAGR from fiscal 2024 to 2027, matching Zomato's growth trajectory.
On November 25, Zomato, RITES, and JSW Steel emerged as notable gainers and losers in the trading session. Investors are encouraged to opt-in for push notifications to receive relevant updates and transaction alerts.
Zomato has received its first nod for inclusion in an index for Indian new-age tech stocks, marking a significant milestone for the company. This development highlights the growing recognition and potential of tech firms in India's evolving market landscape.
Zomato shares surged 6% following its inclusion in the BSE Sensex, set to replace JSW Steel on December 23. This milestone comes as Zomato's stock has skyrocketed over 113% this year, marking it as the first new-age tech stock to join the 30-stock index amid a significant index reconstitution by Asia Index Private.
Stocks in focus on Monday include Zomato, Alembic Pharma, RITES, Akzo Nobel, Rail Vikas Nigam, Cochin Shipyard, CESC, and HG Infra. Additionally, ACME Solar Holdings, Niva Bupa Health Insurance Company, Sagility India, and Jainex Aamcol are set to release their quarterly earnings on November 25.
Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
BSE Ltd has announced the introduction of futures and options contracts on 43 individual stocks, including three Adani companies, Paytm, and Zomato, effective December 13. Details of the derivative contracts will be available in the derivatives contract master file generated at the end of the day on December 12, 2024.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Swiggy shares rise 7 percent as UBS initiates buy rating
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tocks in focus zomato alembic pharma and others on monday
Zomato Limited
HG Infra
Cochin Shipyard Limited
Alembic Pharmaceuticals Limited
Akzo Nobel N.V.
RITES Limited
CESC Limited
IND
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21:43 24.11.2024
Zomato to join Sensex replacing JSW Steel from December 23
Zomato Limited
IRCTC
LTI Mindtree
IDFC First Bank Limited
Samvardhana Motherson International Limited
PB Fintech Limited
PI Industries Limited
Jio Financial Services Limited
BPCL
HDFC Life
Adani Green Energy Limited
Ashok Leyland Limited
JSW Steel Limited
APL Apollo Tubes Limited
HAL
UPL
Suzlon Energy Limited
Adani Power Limited
IND
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13:39 22.11.2024
BSE to launch futures and options on 43 stocks including Adani and Zomato
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Adani Total Gas Limited
Zomato Limited
Paytm
Adani Green Energy Limited
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12:39 22.11.2024
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