Swiggy share price gains 5% despite the weak Indian stock market. Do you own it?
Stock Market Today: Swiggy share price gained more than 5% during the intraday trades on Thursday, despite the weak Indian stock market. Do you own it?
Swiggy share price remains in focus. Along with other quick commerce service providers, news flows around Amazon's entry into the quick commerce (QC) service space.
However Swiggy share price, after seeing some decline during the June 6-13 period, is rebounding well. On Thursday, the Swiggy share price gained more than 5% to intraday highs of ₹ 385 on the BSE, despite range-bound Indian stock markets. The benchmark S&P BSE Sensex oscillated between intraday highs of 81,583.94 and intraday lows of 81,191.04, compared to the previous day's closing price of 81,444.66, till noon.
According to media sources, Amazon has officially launched Amazon Now, its rapid commerce (QC) service, following almost six months of piloting it. Despite the fact that the service is presently only available in three Bengaluru pin codes, the news implies that at least seven major competitors would now compete in the QC market, as per the JM Financial Institutional Equities report.
"While expanding competition is concerning for early adopters in our coverage (namely Eternal-owned Blinkit and Swiggy-owned Instamart), we reiterate that their medium-term growth ambitions are unlikely to be affected". said JM Financial. This is because the QC market is still growing at an exponential rate as a result of consumer spending shifting channels, opportunities for deeper and newer category penetration, and growth in lower-tier locations, explain JM Financial analysts.
JM Financial maintains its BUY rating on Eternal and Swiggy.
Jefferies India Pvt. Ltd. says that Amazon has formally launched Q/C (Now) in parts of Bengaluru, a tab in the main app. The competition remains a key monitorable for Eternal & Swiggy even while the game will not be easy for Amazon given its late entry, added Jefferies.
'Specifically, on Amazon, we think these are early days, and the offering needs to have enough scale in terms of coverage to be a meaningful player in the overall Q/C market. This may require serious effort, including a burn, given Amazon lacks brand recall for Q/C unlike incumbents," said Jefferies.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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