New Delhi, July 22 -- Shares of Swiggy jumped nearly 8 percent in intra-day trade on Tuesday, July 22, after Nirmal Bang Institutional Equities initiated coverage on the stock with a 'Buy' rating and a target price of Rs.500, indicating an upside of over 26 percent. The brokerage also initiated coverage on Eternal Ltd-the parent of Zomato-with a 'Buy' call and a price target of Rs.315, following the company's Q1FY26 earnings.

Nirmal Bang's report highlights strong tailwinds in the Indian food delivery market, projecting it to grow at a CAGR of 17-22 percent between 2023 and 2028. The brokerage believes Swiggy and Eternal are well-positioned as market leaders to capture this expansion, supported by their large-scale operations, strategic ...