India, June 4 -- Swiggy's shares surged over 7% to INR 357.55 during the intraday trading session on the BSE today following Morgan Stanley's initiation of coverage with an 'overweight' rating.

With a rise in its share price, Swiggy's market capitalisation stood at INR 88,836 Cr with more than 2.61 Cr shares traded hands by 1:05 PM.

At the time of writing, the stock pared some of its gains and was trading 6.9% higher than its previous close of INR 333.40 on the BSE.

Morgan Stanley raised the price target for Swiggy's stock by 21.5% (from the previous closing price) to INR 405.

The brokerage firm said that its rating for the stock is based on Swiggy's improving execution in food delivery, expanding quick-commerce TAM (total addressable...