Neutral on Swiggy, target price Rs 475: Motilal Oswal Financial Services

Motilal Oswal Financial Services has given Swiggy a neutral rating with a target price of Rs 475. They believe that Swiggy's food delivery business is stable and will continue to grow. However, they are concerned about the gap between Instamart and Blinkit in the quick commerce space. On mid-mile and last mile variable costs, Instamart is, however, strikingly, better than Blinkit.