** India's Swiggy NSE:SWIGGY climbs 2% to 340 rupees
** Morgan Stanley starts coverage on food and grocery delivery platform with "overweight", PT of 405 rupees
** Says its rating is based on SWIG's improving execution in food delivery business and margin, catching up with Zomato-parent Eternal NSE:ETERNAL in food delivery
** Brokerage adds SWIG's total addressable market (TAM) expanding in quick commerce with aggressive investments
** MS estimates SWIG's TAM to rise to $57 bln by 2030, assuming co maintains its market share
** Brokerage also maintains "overweight" on Eternal with PT of 320 rupees; stock up 1%
** Morgan Stanley maintains ETEA as its "top pick" on co's market leadership in both food delivery and quick commerce, "superior" cost structure vs rivals and also a stronger balance sheet
** YTD, SWIG down 37% vs ETEA's 12% decline