Delhivery Ltd shares traded flat on Thursday, June 26, after a large deal involving shares worth Rs 461 crore took place on the exchanges.
Around 1.19 crore shares worth Rs 461 crore changed hands in the block deal window at Rs 388 per share. This is a minor discount to the previous session's closing price of Rs 388.15 per share.
Moneycontrol could not immediately ascertain the buyers and the sellers in the deal.
At 9.25 a.m., shares of the firm were quoting Rs 388.85, higher by 0.2 percent on the NSE.
Follow our market blog to catch all the live updates
Delhivery on June 17 announced that the CCI has approved its proposal to acquire 99.4 percent stake in rival Ecom Express for up to Rs 1,407 crore.
Delhivery had earlier said that the acquisition will improve asset utilisation and boost profitability by adding to shipment volumes and eliminating overlapping costs. It also expects fewer integration challenges compared to its 2021 acquisition of SpotOn Logistics, which faced customer and volume absorption hurdles.
Earlier this year, Macquarie kept an 'outperform' call on Delhivery stock, while keeping a target price of Rs 380 per share.
The international brokerage said that the primary driver for the stock's recent fall is the sharp changes in third party logistics industry structure, fuelled by its key customer Meesho's internalisation push. Notably, the e-commerce platform Meesho is reportedly working to launch an IPO in India, after reverse-flipping from US.
Macquarie added that despite the poor near-term visibility for Delhivery's stock, it expects the company to accelerate its market share in this 'Winner-Takes-All' industry.
Delhivery had reported a 114 percent year-on-year (YoY) rise in its consolidated net profit at Rs 25 crore for the third quarter of financial year 2024-25 (FY25). The Gurugram-based company's revenue from operations stood at Rs 2,378 crore in Q3 FY25, up 8 percent YoY from Rs 2,194 crore in Q3FY24.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
