India, Aug. 20 -- Shares of foodtech major Swiggy surged nearly 5% to hit an intraday high of Rs.285.35 apiece on the BSE on today after brokerage firm Jefferies turned positive on the stock following shareholder approval for the company's foreign ownership cap.

The stock pared some of the gains later in the session, trading 3.4% higher at Rs.280.30 apiece around 2:55 PM IST. At the time, Swiggy's market capitalisation stood at Rs.77,385.3 Cr (around $8.1 Bn).

The brokerage firm has initiated a 'Buy' rating on Swiggy with a target price of Rs.435 per share, representing a 60% upside from the stock's last closing price. The brokerage said the company has moved a step closer to convert into an Indian-owned and controlled company (IOCC) af...