Shares of Swiggy rallied 5.7% to an intraday high of Rs 514.80 on the BSE after the company informed that the Ministry of Corporate Affairs approved the incorporation of its new subsidiary Swiggy Sports Private Limited.“In compliance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Ministry of Corporate Affairs, Central Processing Centre has approved incorporation of Swiggy Sports Private Limited, a wholly owned subsidiary of the Company, today, January 15, 2025,” said Swiggy in its filing to the exchanges.The company informed that the main objective of the newly incorporated entity will include engaging in sports team ownership, management, talent development, event organization, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models.The share capital of the new company (Swiggy Sports) will be Rs 1 lakh, according to the exchange filing.Also read: Large caps may do well in 2025, play equities via hybrid funds: Motilal Oswal Private WealthSwiggy share price performanceOver the past month, the shares of Swiggy saw a reduction of 8.53%, while in the last two weeks, the price dropped significantly by 10.15%. Over the past week, the stock has traded flat, witnessing a marginal decline of 0.72%.On Thursday, the shares of Swiggy closed 4.75% higher at Rs 487.10 on the BSE.Swiggy shares technical performanceOn charts, Swiggy shares are currently placed below their 10, 20 and 20 days exponential moving averages (DEMA), however, are placed above its 5 DEMA, according to the Trendlyne data.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
- News Source Indiatimes (Click to view full news): CLICK HERE
0 Comments:
Leave a Reply