Shares of logistics services firm Delhivery rose over 4% in the current trading session a day after American investment management firm Tiger Global Management offloaded 1.7% stake through the open market for Rs 414 crore.
In the last session, the stock ended 3.6% or Rs 12.6 lower at Rs 336.4 against the previous close of Rs 349.95 on BSE. The fall in the stock on Wednesday saw the stock snapping a five-day winning streak.
Venture capital firm Internet Fund III Pte, through which Tiger Global, owns a stake in the firm, sold 1,23,63,060 shares at Rs 335.06 apiece, bulk deals data showed on NSE.
The selling price of the deal was at a discount of nearly 4% to Tuesday’s closing price of the stock. At the end of December quarter, Tiger Global through the venture capital firm held 4.68% stake in Delhivery. In the current trading session, the Delhivery stock gained 4.62 per cent intraday to Rs 351.95 against the previous close of Rs 336.40 on BSE. Market cap of Delhivery rose to 25,335 crore. Total 0.74 lakh shares of the firm changed hands amounting to a turnover of Rs 2.56 crore on BSE. The stock has gained 5.43% in 2023.
In terms of technicals, the relative strength index (RSI) of the stock stands at 58.1, signaling the stock is neither oversold nor overbought. Delhivery stock is trading higher than the 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
In the third quarter of the current fiscal, Delhivery’s net loss widened to Rs 195.7 crore compared to a loss of Rs 127 crore in the year-ago quarter. Revenue also fell 9% to Rs 1,823 crore as against Rs 2,019 crore year-on-year (YoY).
Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. Delhivery is the largest and fastest-growing fully integrated logistics services player in India by revenue as of FY21.
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