Delhivery rises over 7% after block deal; Carlyle likely stake seller

Shares of Delhivery climbed over 7 per cent on the BSE in early morning trade after 2.5 per cent equity shares worth Rs 1.84 crore changed hands via a block deal. As per Zee Business, Carlyle was expected to sell its entire 1.84 per cent stake through a block deal. The base price of the block deal, as per the report, was fixed at Rs 385.50 per share.

Around 10:00 AM, shares of Delhivery were trading at Rs 389.4 apiece, up 0.15 per cent. The stock touched the intra-day high of Rs 401.95 apiece at the opening. Delhivery scrip recorded a 52-week high on January 27, 2023, on the NSE. 

Analyst’s view 

According to Market analyst Kunal Saraogi, the stock has a strong chart, and investors should ‘hold’ the stock, keeping the stop loss at Rs 370 apiece. The stock can reach Rs 425 to Rs 430 levels.

Brokerages’ view 

JM Financial has increased its earnings before interest, taxes, depreciation, and amortisation (EBITDA) estimates for Delhivery considering the success of the logistics company's cost optimisation measures. The brokerage has also increased partial truckload revenue considering improved service levels.

It has given a ‘hold’ call on Delhivery for a target price of Rs 370 a share.

Axis Capital is bullish on Delhivery and has given a ‘buy’ call on the stock for a target price of Rs 495 apiece, which implies an upside of 27.4 per cent from Thursday’s closing price.

"We see Delhivery as a play on the secular growth of the e-commerce industry and expect competitive intensity among private e-commerce 3PLs to abate over the medium term given the challenging funding environment," the brokerage said in its report.

Delhivery share price: Past performance 

So far in 2023, the stock has gained over 17 per cent to the Nifty50’s rise of over 3 per cent. 

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