India, July 9 -- Swiggy shares gained around 7% after the company reported strong growth in its Food-on-Train business and moved closer to qualifying as an Indian Owned and Controlled Company (IOCC). Investors believe the ownership change could open up new opportunities for Instamart.

Swiggy Ltd shares were trading at Rs. 279.60, up Rs.18 or 6.96 percent on the day. The stock touched an intraday high of Rs. 280.90 against a previous close of Rs. 261.41, though it remains well below its 52-week high of Rs. 474.

The Real Trigger: Crossing the 50% Domestic Ownership Line Swiggy disclosed that its total foreign investment, covering FDI, foreign portfolio holdings, and other indirect foreign stakes, had dropped to 49.76 percent of fully dilu...