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However, the stock shed its losses and was trading 1.21% higher at INR 317.45 at 1:42 PM
This marks the second consecutive trading session of the stock recording a fresh 52-week high
The stock has ended the last three trading sessions in red
Shares of Delhivery
However, the stock rebounded from its loss and was trading 1.21% higher at INR 317.45 at 1:42 PM.
The company’s market capitalisation was at INR 23,601.22 Cr at the above-mentioned time and as much as 7.7 Lakh shares traded hands by then.
This marks the second consecutive trading session of the stock recording a fresh 52-week loss. Moreover, the stock has ended the last three trading sessions in red.
The stock has given a weak performance in the short as well as long term. While the shares have dipped 8.38% in the last month at the current market price, it has given a negative return of 25.51% in the last year.
Financial services firm Prabhudas Lilladher (PL) last month gave a ‘HOLD’ rating on the Delhivery stock with a target price of INR 361. It notes that Delhivery’s B2C express volume growth has come under pressure in the last three quarters due to rising insourcing by Meesho.
“Near-term growth headwinds are likely to persist even if we assume Meesho’s insourcing exercise has stabilized given the slowdown in overall consumption space and rising competitive threat from quick commerce,” it added.
Among the latest developments, the company inked a partnership with state-backed oil marketing company Hindustan Petroleum Corporation Ltd (HPCL) for pan-India lubricant distribution.
Notably, Delhivery’s major orders come from ecommerce and the company is looking to diversify it further to tap the growing demand in the quick commerce space.
Recently, Delhivery launched a pilot of a two-hour delivery service in Bengaluru to address the needs of brands across categories such as beauty and personal care, apparel and fashion.
The company reported its second consecutive profitable quarter in September of the financial year 2024-25 (Q2 FY25) as its consolidated net profit climbed to INR 10.2 Cr in the September quarter as against a loss of INR 102.9 Cr in the year-ago quarter.
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