Shares of Swiggy Ltd. opened with gains of over 3% on Friday, October 31, after the food delivery aggregator announced a board meeting on November 7 to consider raising ₹10,000 crore via a qualified institutional placement (QIP), alongside its quarterly financial results.

Brokerage firm Nomura, which has a 'Buy' rating on Swiggy with a price target of ₹560, said the proposed fund-raising will help strengthen the balance sheet, particularly for the quick commerce business.

Nomura expects the company to sustain its growth momentum in food delivery and deliver 19-20% year-on-year gross order value (GOV) growth in FY26-27F, with contribution margins in the range of 7.5-7.7%.

CLSA has an 'Outperform' rating on Swiggy, with a price target of ₹493. The brokerage said Q2 was mixed, marked by

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