Blue Dart Express up 10% on technical breakout, chartist sees a five-digit stock soon

Shares of Blue Dart Express topped the Rs 9,000 mark in a strong upmove that has bumped up the price by nearly 10% on September 17, backed by very heavy volumes.

A breakout has been noted on the charts after weeks of consolidation, said chartists. Jay Thakkar, Head - Alternate Research, Capital Market Strategy at Sharekhan by BNP Paribas confirmed the breakout and said there is probability of further upside, adding that Blue Dart Express could soon be a five-digit stock.

As new manufacturing opportunities emerge in India, and with it the entire supply chain ecosystem, the business of couriers and package shipment too is expected to see growth. Blue Dart Express said it is seeing industries diversify supply chains, and moving production closer to home. "They also embraced advanced technologies like automation, AI, blockchain, IoT, and virtual reality to work better, save money, and meet changing consumer needs," the company said recently.

Blue Dart Express recently said in its annual report for FY24 that it sees prospects of significant growth in the logistics sector. "With incomes rising and the economy growing, there is a strong base for expansion. With per capita income more than doubling to Rs 1.97 lakh within approximately nine years, and Indian economy ascending from the 10th to the 5th largest globally in the same timeframe, there exists a robust foundation for logistical expansion."