Blue Dart Express appoints Sudha Pai as CFO; stock gains

Blue Dart Express shares rose on Friday after the logistics company named a new CFO and a group CFO. The stock of Mumbai-based Blue Dart Express — traded on the bourses with the symbol BLUEDART — gained by more than Rs 167.6 or 2.6 per cent to Rs 6,590 apiece during the session on BSE. The stock closed at Rs 6550 apiece, up 1.93 per cent. 

In a regulatory filing post-market hours on Thursday, the company said it had appointed Sudha Pai as chief financial officer and VN Iyer as group chief financial officer. Both will assume charge with effect from September 1, 2023, it said. 

Blue Dart Express shares settled with a gain of 2.5 per cent at Rs 6,582.9 apiece.

Sudha Pai is a qualified Cost Accountant, currently working as CFO at DHL Global Forwarding, India. She also held the role of Finance Director at Ezyhaul India, and CFO and Compliance Officer at DHL Logistics Pvt (freight forwarding division).

Pai is part of the Senior Management team at DHL Global Forwarding, with direct reporting to the regional CFO and a dotted line to the country CEO.

Iyer is a BSc (Statistics) and qualified Cost Accountant with more than three decades of experience in accounts, finance, taxation, treasury operations, financial analysis and internal controls framework. He was deputed as CFO of Blue Dart Aviation for five years and has exposure to aviation finance.

What should investors do with Blue Dart Express shares?

ICICI Securities has a ‘reduce’ call on the stock with a target price of Rs 6,340 apiece.

The brokerage believes the stock performance could be constrained in the near term due to increasing competitive pressures in both air and ground categories.

Blue Dart Express share price: Past performance

Blue Dart shares have risen over four per cent in the past six trading. The stock has lost 17 per cent of its value so far in 2023, a period in which the Nifty headline index gained two per cent.

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