Delhivery shares worth ₹910.20 Crore change hands; stock slips ~1%

10 Jul 2024 , 11:31 AM

Delhivery Ltd. shares will be under focus on Wednesday, July 10, following a significant trading in the logistics services provider during the pre-market block session.

According to exchange statistics, the block sale involved the exchange of up to 2.34 Crore shares, or 3.17% of total equity. Shares traded at an average price of ₹388.45 per share. The aggregate value of the transaction is said to be ₹910.2 Crore.

According to reports on Tuesday, the Canada Pension Plan Investment Board (CPPIB) plans to sell its whole 3.18% investment in Delhivery in block sales today.

At the end of the March 2024 quarter, CPPIB owned a 5.96% interest in Delhivery. On April 25, it reduced its shareholding in Delhivery by 2.77% through block trades, selling up to 2 Crore shares for over ₹900 Crore.

Fidelity Funds, HSBC, and the Smallcap World Fund were among the buyers in the Delhivery block transaction at the time.

Over the past six years, the logistics services business has reported losses totaling over ₹1,000 Crore in FY22 and FY23.

On May 24, 2022, Delhivery shares were listed at ₹495, an almost 2% premium to their offer price of ₹487 per share.

In terms of technicals, Delhivery’s relative strength indicator (RSI) is at 42, indicating that it is neither overbought nor oversold. The stock has a beta of 0.7, which indicates relatively low volatility over a year.

Delhivery offers a comprehensive range of logistics services, including express parcel and heavy goods delivery, PTL, and TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. As of FY21, Delhivery was India’s largest and fastest-growing fully integrated logistics services provider in terms of revenue.

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