Swiggy share price gains 5% despite the weak Indian stock market. Do you own it?

Stock Market Today: Swiggy share price gained more than 5% during the intraday trades on Thursday, despite the weak Indian stock market. Do you own it?
Swiggy share price remains in focus. Along with other quick commerce service providers, news flows around Amazon's entry into the quick commerce (QC) service space.
However Swiggy share price, after seeing some decline during the June 6-13 period, is rebounding well. On Thursday, the Swiggy share price gained more than 5% to intraday highs of ₹ 385 on the BSE, despite range-bound Indian stock markets. The benchmark S&P BSE Sensex oscillated between intraday highs of 81,583.94 and intraday lows of 81,191.04, compared to the previous day's closing price of 81,444.66, till noon.
According to media sources, Amazon has officially launched Amazon Now, its rapid commerce (QC) service, following almost six months of piloting it. Despite the fact that the service is presently only available in three Bengaluru pin codes, the news implies that at least seven major competitors would now compete in the QC market, as per the JM Financial Institutional Equities report.
"While expanding competition is concerning for early adopters in our coverage (namely Eternal-owned Blinkit and Swiggy-owned Instamart), we reiterate that their medium-term growth ambitions are unlikely to be affected". said JM Financial. This is because the QC market is still growing at an exponential rate as a result of consumer spending shifting channels, opportunities for deeper and newer category penetration, and growth in lower-tier locations, explain JM Financial analysts.
JM Financial maintains its BUY rating on Eternal and Swiggy.
Jefferies India Pvt. Ltd. says that Amazon has formally launched Q/C (Now) in parts of Bengaluru, a tab in the main app. The competition remains a key monitorable for Eternal & Swiggy even while the game will not be easy for Amazon given its late entry, added Jefferies.
'Specifically, on Amazon, we think these are early days, and the offering needs to have enough scale in terms of coverage to be a meaningful player in the overall Q/C market. This may require serious effort, including a burn, given Amazon lacks brand recall for Q/C unlike incumbents," said Jefferies.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Scroll.in

34 minutes ago

• Scroll.in

How the Israel-Iran conflict could impact India

On June 13, the Israeli military began striking what it claimed were nuclear targets and other sites in Iran, with the aim of stalling Tehran's nuclear programme. Iran retaliated with missile attacks on Israel. The official toll in Iran is at least 430 so far, while at least 25 persons have died in Israel. The continued exchange of fire has led to concerns of a wider regional conflict that the United States could get drawn into. Washington is an ally of Israel and acts as a guarantor of the country's security. Tehran has rejected US President Donald Trump's demand for an ' unconditional surrender ' and vowed to fight back. The prevailing uncertainty has led to a spike in global oil prices. The price of benchmark Brent crude had jumped to $78 per barrel by Thursday from $69 per barrel on June 12, the day before the conflict began. But the spike was not because of Israeli military's strikes reportedly on the Shahran oil depot in Tehran and one of Iran's largest refineries in Shahr Rey. These actions have little impact on Iranian energy exports. Instead, the spike in prices primarily stem from concerns about the possible blocking of the Strait of Hormuz amid the conflict. The closure could threaten global energy security. The chokepoint The Strait of Hormuz is a narrow waterbody that connects the Gulf to the Arabian Sea. In 2024, an average 20 million barrels of oil was transported through the strait every day. That was about one-fifth of global petroleum liquids consumption. This makes the Strait of Hormuz one of the most strategically important chokepoints. Iran has in the past threatened to block the waterbody in retaliation to pressure from the West. On Sunday, the Iranian Parliament decided that the Strait of Hormuz should be closed, state-run Press TV quoted lawmaker Major General Kowsari as saying. The final decision will be taken by the Supreme National Security Council, the member of the parliamentary national security commission added. Unlike other chokepoints such as the Suez Canal or the Strait of Malacca, there is no practical alternative for fuel supplies to bypass the Strait of Hormuz in large volumes. Cargo ships are already sailing closer to the Omani coast and have been advised by maritime agencies and governments to avoid Iranian waters in the Strait of Hormuz, Reuters reported on Wednesday. An attempt to shutter the strait will not go unchallenged because of the regional powers' strategic interest in keeping fuel supply open. But the ensuing military confrontation may still disrupt supplies to some extent. India's interest When Tel Aviv and Tehran last exchanged missile fire in October, former Indian diplomat Navdeep Suri had told Scroll that if the conflict escalated and became an all-out war, Iran, feeling threatened, had the capacity to block the Strait of Hormuz. In that case, New Delhi will be staring at a scenario that will 'directly impact India's energy security', he had said. 'A very large chunk of India's energy supplies come from there and that could really be serious for us,' explained Suri, who served as India's ambassador to the United Arab Emirates. 'It's in our interest that it doesn't get out of hand.' India consumes 5.5 million barrels of crude per day for refining. Of this, 1.5 million barrels come through the Strait of Hormuz, according to Union Petroleum Minister Hardeep Singh Puri. If the strait gets blocked, Amena Bakr, the head of Middle East and OPEC+ insights at analytics firm Kpler, told CNBC International on June 13 that oil prices could jump to three-digits. To put the impact of such a scenario into context: a spike of every $10 per barrel drives up inflation in India by about 0.5%, financial services company Morgan Stanley had estimated in April 2024. But Puri told NDTV that closing the strait was not in Iran's own interest. Yet, he said, India remained comfortably placed to meet its fuel needs, adding that New Delhi can tap into alternative supplies if needed. Here is a summary of the week's other top stories. Countering Trump's claims. Prime Minister Narendra Modi told United States President Donald Trump that India will never accept mediation to resolve tensions with Pakistan. The topic came up during a phone call when Trump asked for the details about India's military strikes – codenamed Operation Sindoor – on Pakistan in May, said Foreign Secretary Vikram Misri. Trump was told that India had agreed to the ceasefire only on Islamabad's request, said Misri. The 'halt to military action was directly between India and Pakistan', the foreign secretary quoted Modi as having reiterated. The call between the two leaders came against the backdrop of the US president repeatedly claiming that he helped settle the tensions between India and Pakistan. New Delhi has rejected Trump's assertions. , writes Rohan Venkataramakrishnan A thaw in relations. India and Canada agreed to reinstate high commissioners in each other's capitals. This was announced after Prime Minister Narendra Modi and his Canadian counterpart Mark Carney met on the sidelines of the Group of Seven summit. Other diplomatic steps 'to restore stability in the relationship' will 'follow in due course', said New Delhi. In October, New Delhi and Ottawa expelled several diplomats amid frosty bilateral relations. Ties between India and Canada strained in September 2023 after Justin Trudeau, the Canadian prime minister at the time, told his country's Parliament that intelligence agencies were actively pursuing 'credible allegations' tying agents of the Indian government to the murder of Khalistani separatist Hardeep Singh Nijjar in Canada. New Delhi has rejected Canada's allegations. The language debate. Opposition leaders criticised Union Home Minister Amit Shah for saying that those who speak English in India will soon feel ashamed. Congress leader Rahul Gandhi said that English was 'not a barrier, but a bridge', adding that the language provides employment and boosts people's self-confidence. Dravida Munnetra Kazhagam MP Kanimozhi said to Shah that 'the only thing to be ashamed of is imposing your will on the people and trying to destroy the pluralism of India'. Shah's comment on Thursday came against the backdrop of several state governments and regional parties accusing the Union government of imposing Hindi through the National Education Policy's three-language formula. Also on Scroll this week for a curated selection of the news that matters throughout the day, and a round-up of major developments in India and around the world every evening. What you won't get: spam.

Economic Times

37 minutes ago

• Economic Times

Air India trims narrowbody flights after earlier reduction; check affected routes

Air India has announced a temporary reduction in its flight operations. This includes a cut of less than 5% to its narrowbody flights. Earlier, the airline reduced international services by 15%. Effective immediately, operations on three routes will be suspended. Frequencies on 19 domestic and short-haul international routes will also decrease. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Routes temporarily suspended until 15 July 2025: Bengaluru–Singapore (AI2392/2393) – 7x weekly – 7x weekly Pune–Singapore (AI2111/2110) – 7x weekly – 7x weekly Mumbai–Bagdogra (AI551/552) – 7x weekly Routes with reduced frequencies until 15 July 2025: Bengaluru–Chandigarh : 14x to 7x weekly : 14x to 7x weekly Delhi–Bengaluru : 116x to 113x weekly : 116x to 113x weekly Delhi–Mumbai : 176x to 165x weekly : 176x to 165x weekly Delhi–Kolkata : 70x to 63x weekly : 70x to 63x weekly Delhi–Coimbatore : 13x to 12x weekly : 13x to 12x weekly Delhi–Goa (Dabolim) : 14x to 7x weekly : 14x to 7x weekly Delhi–Goa (Mopa) : 14x to 7x weekly : 14x to 7x weekly Delhi–Hyderabad : 84x to 76x weekly : 84x to 76x weekly Delhi–Indore : 21x to 14x weekly : 21x to 14x weekly Delhi–Lucknow : 28x to 21x weekly : 28x to 21x weekly Delhi–Pune : 59x to 54x weekly : 59x to 54x weekly Mumbai–Ahmedabad : 41x to 37x weekly : 41x to 37x weekly Mumbai–Bengaluru : 91x to 84x weekly : 91x to 84x weekly Mumbai–Kolkata : 42x to 30x weekly : 42x to 30x weekly Mumbai–Coimbatore : 21x to 16x weekly : 21x to 16x weekly Mumbai–Kochi : 40x to 34x weekly : 40x to 34x weekly Mumbai–Goa (Dabolim) : 34x to 29x weekly : 34x to 29x weekly Mumbai–Hyderabad : 63x to 59x weekly : 63x to 59x weekly Mumbai–Varanasi: 12x to 7x weekly Air India on Sunday announced a temporary reduction of less than 5% to its narrowbody flight operations, following an earlier 15% cut to its international services operated by widebody aircraft. Effective immediately until at least July 15, 2025, the Tata-owned airline will suspend operations on three routes and reduce frequencies on 19 domestic and short-haul international move, which the Tata-owned air carrier described as voluntary, is aimed at enhancing network-wide operational stability and minimising last-minute disruptions for passengers."This voluntary decision leads to the temporary suspension of Air India's services on three routes and reduction of frequency on 19 routes. The changes are effective until at least 15 July 2025," Air India said in an official statement on social media platform the cuts, Air India noted that it will continue to operate nearly 600 daily narrowbody flights across 120 domestic and regional international the airline is offering options including re-accommodation on alternative flights, complimentary rescheduling, or full refunds, for passengers impacted by the move.'We apologise to the passengers affected by these curtailments,' said the carrier said in the statement. 'We remain committed to restoring our full schedule as soon as practicable, while at all times prioritising the safety of our passengers, crew, and aircraft.'Moreover, the revised flight schedule is being made available on Air India's website ( ), mobile app, and contact centre, the statement the other hand, Air India had announced on June 18 that it will temporarily reduce its international widebody flight operations by 15% over the coming decision came in the wake of the recent crash of flight AI171 and is part of a broader effort to stabilise operations and uphold the highest safety airline cited several overlapping challenges behind the move, including mandatory safety inspections, regional night-time airspace curfews, ongoing geopolitical tensions in the Middle East, and a more cautious approach being taken by both engineering and cockpit reduction was put into effect immediately and is expected to remain in place until at least mid-July, similar to the reduction of its narrowbody services announced on Sunday.

Business Standard

37 minutes ago

• Business Standard

Air India to reroute international flights amid tensions in West Asia

Air India will avoid parts of Persian Gulf in addition to Iran, Iraq and Israel, with some routes to Europe and North America likely to see longer travel times New Delhi Air India is making adjustments to the routes of flights bound for North America and Europe that pass through West Asia, the airline announced through a notification on Sunday. The Tata-owned airline stated that it already refrains from operating flights over the airspace of Iran, Iraq and Israel. Moving forward, it plans to gradually avoid specific regions of the Persian Gulf as well, according to a report by The Economic Times. Consequently, flights bound for destinations such as the United Arab Emirates, Qatar, Oman and Kuwait are likely to experience increased travel times due to the rerouting. 'This adjustment may lead to extended flight durations for these services, as well as for select flights to/from Europe and North America,' an Air India spokesperson said. Additionally, Air India emphasised that this decision is a preventive measure, made in coordination with independent security experts. It is part of the airline's broader strategy to adapt to shifting geopolitical threats in the region. ALSO READ: 'We are vigilantly monitoring the situation and are ready to implement additional measures, if required, to uphold the safety and integrity of our operations,' the airline added. The airline stated that passengers will be kept informed of any further updates as it continues to manage the complexities arising from the region's volatile geopolitical situation. Iran conflict In the early morning of June 22, the United States launched a coordinated airstrike on three major Iranian nuclear sites: Fordow, Natanz, and a facility near Isfahan. The operation reportedly involved six B-2 stealth bombers deploying 30,000-pound 'bunker-buster' bombs, along with 30 Tomahawk missiles launched from submarines. President Trump hailed the mission as a 'very successful' strike, claiming the enrichment facilities were 'completely obliterated', though Iranian officials downplayed the impact, reporting only limited tunnel damage at Fordow. The escalation triggered widespread global concern over a broader West Asian conflict.