BlackBuck Shares Extend Fall For Fifth Session, Tank 5%

BlackBuck Shares Extend Fall For Fifth Session, Tank 5%

SUMMARY

After finishing the previous four sessions in red, the company’s market capitalisation was at INR 6,462.65 Cr at 1:52 PM

While the stock performed badly in the last 5 days with a 14.00% negative return at the current market price, it slumped 29.92% in the last month

Last month, global brokerage firm Morgan Stanley initiated coverage on BlackBuck with an ‘underperform’ tag, giving a target price of INR 450 per share

Shares of BlackBuck’s parent Zinka Logistics Solutions Ltd dipped as much as 5% to reach INR 360.00 during the intraday trading on the BSE today (January 24). 

However, it shed some of the losses to trade 3.34% below INR 366.20 at 1:52 PM. 

After finishing the previous four sessions in red, the company’s market capitalisation was at INR 6,462.65 Cr at the above-mentioned time and its trade volume was 70,449 by then. 

While the stock performed badly in the last 5 days with a 14.00% negative return at the current market price, it slumped 29.92% in the last month. 

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck commenced operations as a truck aggregator. Since then, the company has diversified and now offers a full stack of solutions – from load management and telematics to payments for fuel, FASTag or toll charges, and truck financing.

The company operates a B2B marketplace specialising in intercity full truckload transportation.

At the time of listing, the company claimed to have around 27.5% of the country’s truck operators on its platform. Without giving a number, BlackBuck founder and CMD Rajesh Yabaji said in a post-earnings call that it is adding 0.4% to 0.5% market share every month.

BlackBuck was listed on the stock market in November 2024. The shares debuted at an issue price of INR 273 per share. Upon listing, the shares opened at INR 279.05 on the BSE, representing a mere 2.22% premium. 

Last month, global brokerage firm Morgan Stanley started its pessimistic coverage of BlackBuck’s stock. The brokerage firm initiated coverage on BlackBuck with an ‘underperform’ tag, giving a target price of INR 450 per share. This TP marks a downside of 16% from the previous session’s closing price. 

In the same month of December, the company reported a net loss of INR 308.38 Cr in the September quarter of fiscal year 2024-25 (Q2 FY25). This INR 308.38 Cr loss was a 7.8X increase from the INR 39.67 Cr loss it registered in the year-ago quarter.

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