Shares of Swiggy Ltd gained momentum in Tuesday's trade to scale their record high levels. The recently-listed stock surged 9.44 per cent to hit a day high of Rs 542.10. At this price, it has climbed 39 per cent compared to its issue price of Rs 390.
The food and quick-commerce platform is scheduled to declare its second-quarter (Q2 FY25) results today. This will be Swiggy's maiden earnings post-listing. The company may narrow its losses in the September 2024 quarter on a sequential basis. Revenue growth is seen at near 6 per cent.
At a consolidated level, adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss is seen subsiding to Rs 270 crore against Rs 350 crore in Q1 FY25, JM Financial said.
In food delivery, the company is likely to deliver 6 per cent sequential growth in the September quarter, aided by growing traction for its co-branded credit card with HDFC Bank, the domestic brokerage added.
Separately, bourses BSE and NSE have sought clarification from the company over a news report titled "Swiggy expands 10-minute food delivery service Bolt to over 400 cities." The reply from Swiggy is awaited.
On technical setup, support on the counter could be seen at Rs 505.
"Investors can consider booking profit at current levels. Support will be at Rs 505," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Swiggy stock price is sideways to bearish on daily charts with strong resistance at Rs 542. A daily close below support of Rs 505 could lead a downward target of Rs 441 in the near term," said Sebi-registered research analyst AR Ramachandran.
Around 7.20 lakh shares were last seen changing hands on BSE. The figure was lower than the two-week average volume of 8.85 lakh shares. Turnover on the counter came at Rs 37.42 crore, commanding a market capitalisation (m-cap) of Rs 1,13,478.09 crore.