Swiggy shares rise 6% as UBS initiates coverage with 'Buy' rating

Swiggy shares jumped over 6% on Tuesday after UBS initiated coverage on the stock with a 'Buy' recommendation citing robust growth prospects for the company. UBS kept a target price of ₹515, implying a 19% rise from its previous close. The brokerage said Swiggy is well-positioned for growth, currently trading at a 35% discount to Zomato.