Swiggy shares rally 5% as Kotak initiates coverage with buy rating, foresees 9% upside

Shares of Swiggy rose by 5.3% after Kotak Institutional Securities gave a 'buy' rating due to strong growth prospects in both food delivery and quick commerce. Kotak predicts 19% CAGR for food delivery and 63% GMV CAGR for quick commerce over FY2025-28. Swiggy is projected to be EBITDA-positive by FY2027 and net profitable by FY2028.