India's Swiggy, Eternal rise; Motilal sees GST reforms boosting growth

** Swiggy NSE:SWIGGY, Zomato-parent Eternal NSE:ETERNAL rise 2% each

** Motilal Oswal upgrades SWIG to "buy" from "neutral", raises PT to 560 rupees from 450 rupees

** Retains "buy" on ETEA, raises PT to 420 rupees from 330 rupees

** Says GST changes expected to accelerate adoption of quick commerce services in non-metro cities

** Expects food delivery growth to exceed 20% over the next two-four quarters, up from previously stunted 17%–18% growth, driven by upcoming festive demand, GST reforms

** Highlights easing expansion, discounts at Swiggy Instamart and Blinkit

** SWIG, ETEA rated "buy" on avg, with median PT of 450 rupees, 321 rupees, respectively, per data compiled by LSEG

** YTD, SWIG falls 20%, ETEA gains 20%