Delhivery Shares Continue Winning Run, Market Cap Crosses INR 50K Cr Mark

Shares of logistics unicorn Delhivery continued their winning streak for the third straight session on Thursday (July 21), with its market capitalisation crossing the INR 50,000 Cr mark.

After an over 6% rise on Wednesday, Delhivery shares ended about 4% higher at INR 699.95 on the BSE today. The shares touched an all-time high of INR 708.45 intraday.

Following the surge, Delhivery has now become one of the top 100 companies in terms of market capitalisation, joining the list which has big Indian conglomerates such as Mahindra & Mahindra, Adani Enterprises, Godrej Consumer Products, among others. 

The startup ended the day at the 94th position, surpassing Paytm’s parent One 97 Communications. Currently, Delhivery’s market capitalisation stands at INR 50,711.60 Cr, as per the BSE.

After its public listing in May this year at a slight premium over its issue price, Delhivery shares slumped in June, falling below the listing price to INR 466.5. However, driven by various factors such as analysts’ bullish view on the overall logistics sector and the business, the shares have been on an upward trend since the beginning of July.

Since July 1, Delhivery shares have gained over 40%, while they are trading over 41% higher than the company’s listing price.

Shares of Delhivery, founded by Mohit Tandon, Sahil Barua, Bhavesh Manglani, Kapil Bharati and Suraj Saharan in 2011, got listed on the NSE and the BSE at INR 495.2 and INR 493, respectively.

Brokerage Edelweiss started its coverage on Delhivery with a ‘buy’ rating, saying that Delhivery had a superior combination of a quicker breakeven and faster-growing cash flow compared to other new-age players such as Zomato and Nykaa.

Both the new-age tech stocks have faced volatility in recent times. On Thursday, shares of Zomato and Nykaa ended marginally higher. 

Meanwhile, the benchmark index BSE Sensex also closed higher for the fifth straight session on Thursday, ending 0.5% higher at 55,681.95.