Blue Dart Express share price jumps 3.5% after company announces price hike
According to the exchange filing of Blue Dart, the average shipment price increase will be 9.6 per cent as compared to 2022, dependent on the shipping profile.
Blue Dart Express share price surged over 3.5 per cent to Rs 8,881 and Rs 8,889 per share on the BSE and NSE, respectively, intraday during Thursday’s trading session. The surge in the stock came after the company announced its general price increase (GPI) effective from January 1, 2023.
According to the exchange filing of Blue Dart, the average shipment price increase will be 9.6 per cent as compared to 2022, dependent on the shipping profile.
“To consistently provide a resilient, reliable and efficient solution to the customers, Blue Dart adjusts its prices annually, taking into account inflation, currency dynamics, fuel cost instabilities, growing regulatory costs and other mandatory costs,” the company said in a filing on Wednesday.
The courier service company clarified that the customers signing up from October 1 to December 31, 2022, will not be impacted by the price increase.
It noted that high inflation, rising interest rates and high input costs have all taken a toll on the margins of the business.
'Ship To Profile' will be a new derivative concept, which is being introduced to give benefit to large volume shippers and correct prices for other shippers, Blue Dart also stated in its release.
Blue Dart has also been investing aggressively to expand its reach further in emerging markets, improving transit times, revamping infrastructure and future technologies, it is making these strategic investments to get the first mover advantage and remain agile and adaptive.
At around 10:40 PM, the share price of Blue Dart was up over 2 per cent to Rs 8757.4 per share on the BSE as compared to 0.48 per cent rise in the S&P BSE Sensex. The stock outperformed the market in the last one year by gaining over 35 per cent as against over 4 per cent fall in the Sensex.
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03:54 PM IST