Blue Dart stock rises over 2% as it inks pact with Skye Air for drone deliveries

The stock of this logistics provider surged over 40 percent in the past 3 months, beating benchmark Nifty 50 that rose by 7 percent during the same period

Shares of Blue Dart Express surged up to 2.5 percent to Rs 8,049 apiece on June 20 after the company launched drone deliveries in collaboration with Skye Air.

However, the stock was off day's high and traded marginally up by 0.4 percent at Rs 7,878, as of 11:58 am. In comparison, Nifty 50 was up 0.1 percent at 23,557.

The stock of this logistics provider surged over 40 percent in the past 3 months, beating benchmark Nifty 50, which rose by 7 percent during the same period. Earlier, Blue Dart  shares had hit 52-week high of Rs 8,194 apiece on June 14, 2024.

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In an exchange filing, the company said that this move marked a significant advancement towards cleaner and more efficient delivery solutions. It is set to revolutionise last-mile delivery by offering same-day delivery for shipments, sigificantly reducing delivery time, and environmental impact.

"The logistics sector in India is experiencing an exhilarating phase. This surge in demand emphasises need for innovative solutions that will drive growth while ensuring efficiency and sustainability. As we witness marvel of drone technology, we anticipate extending this service further, with plans to cover additional pin codes in subsequent stages with our partners," said Balfour Manuel, Managing Director of Blue Dart.

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Blue Dart is the market leader in India’s air express market with a 54 percent plus share. It covers over 220 countries and territories and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions, and customs clearance.

In the March-ended quarter, Blue Dart consolidated net profit rose 12 percent year-on-year (YoY) to Rs 77 crore, while total income jumped 8 percent YoY to Rs 1,333 crore.