Delhivery shares rise 2% amid report of Softbank stake sale via block deal
Softbank Group was looking to sell its stake in the Gurugram-based company, totalling roughly Rs 600 crore via block deals.
- Mar 1, 2023,
- Updated Mar 1, 2023 12:29 PM IST
Shares of logistics and supply chain company Delhivery rose 2 per cent in Wednesday's trade amid a spurt in volumes. There were earlier reports that Japanese investment giant Softbank Group was looking to sell its stake in the Gurugram-based company, totalling roughly Rs 600 crore via block deals.
As per a media report, Delhivery was likely to see block deals today. Softbank is the logistics company's sole public shareholder, with an 18.42 per cent interest as of December 31 through its subsidiary Svf Doorbell (Cayman). Softbank had acquired more than 22 per cent of Delhivery prior to its IPO.
On Wednesday, The stock rose 1.69 per cent to hit a high of Rs 350 on BSE. Against a 2-week average of 1.12 lakh shares, Delhivery witnessed 2.81 crore shares changing hands till noon. A total of 10,73,307 Delhivery shares changed hands on NSE.
Delhivery recently reported widening of its losses to Rs 196 crore in the December quarter compared with a loss of Rs 127 crore in the year-ago period. The logistics firm saw a 8.5 per cent drop in sales at Rs 1,824 crore against Rs 1,995 crore YoY.
The quarterly miss was largely on account of weaker-than-expected recovery in part truck load (PTL) volumes. Analysts said the company reported meaningful improvement operationally, in key elements of its cost structure much ahead of what the benign growth in volumes would have suggested.
Kotak Institutional Equities recently lowered its service Ebitda estimate for Delhivery by 3 per cent fo FY24-FY25, net of 5-6 per cent lower revenues and 40-50 bps higher margin.
Also read: Adani Enterprises shares jump 29% in just 2 trading sessions
Also read: Manufacturing PMI changes little to 55.3 in February from 55.4 in January
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Shares of logistics and supply chain company Delhivery rose 2 per cent in Wednesday's trade amid a spurt in volumes. There were earlier reports that Japanese investment giant Softbank Group was looking to sell its stake in the Gurugram-based company, totalling roughly Rs 600 crore via block deals.
As per a media report, Delhivery was likely to see block deals today. Softbank is the logistics company's sole public shareholder, with an 18.42 per cent interest as of December 31 through its subsidiary Svf Doorbell (Cayman). Softbank had acquired more than 22 per cent of Delhivery prior to its IPO.
On Wednesday, The stock rose 1.69 per cent to hit a high of Rs 350 on BSE. Against a 2-week average of 1.12 lakh shares, Delhivery witnessed 2.81 crore shares changing hands till noon. A total of 10,73,307 Delhivery shares changed hands on NSE.
Delhivery recently reported widening of its losses to Rs 196 crore in the December quarter compared with a loss of Rs 127 crore in the year-ago period. The logistics firm saw a 8.5 per cent drop in sales at Rs 1,824 crore against Rs 1,995 crore YoY.
The quarterly miss was largely on account of weaker-than-expected recovery in part truck load (PTL) volumes. Analysts said the company reported meaningful improvement operationally, in key elements of its cost structure much ahead of what the benign growth in volumes would have suggested.
Kotak Institutional Equities recently lowered its service Ebitda estimate for Delhivery by 3 per cent fo FY24-FY25, net of 5-6 per cent lower revenues and 40-50 bps higher margin.
Also read: Adani Enterprises shares jump 29% in just 2 trading sessions
Also read: Manufacturing PMI changes little to 55.3 in February from 55.4 in January
Also WATCH | OnePlus 11 Concept Phone, Xiaomi 13 Pro, Nokia G22, Moto Rizr & more: Check out the best of MWC 2023