Nuvama initiates coverage on Swiggy (Photo Source: NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Swiggy may finally be shaking off its slow patch. Brokerage house Nuvama Institutional Equities says India's hyperlocal delivery heavyweight, present in both Food Delivery and Quick Commerce, is back on course after earlier strategic missteps, while initiating coverage on the stock.

The firm assigned a 'buy' call on the counter, with the 12-month target price set at Rs 510, as per its latest note.

The momentum appears to be shifting in Swiggy’s favour, notes the brokerage: its food delivery business has been outpacing Zomato for the past four quarters alongside better profitability. Its bet on quick food delivery is paying off — it now reaches more than 700 cit

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