Shares of Blue Dart Express rallied over 10 per cent in intraday trade to hit a record high of Rs 3,280 on the Bombay Stock Exchange on Tuesday amid surge in buying on hopes of recovery in business. The shares of transportation and logistic firm has rallied 76 per cent in last 32 sessions and 26 per cent in the past six trading days, after the company announced hike in its average shipment price.
On Tuesday, Blue Dart Express shares opened flat at Rs 2,965 against previous closing price of Rs 2,964.55 and gained as much as 10.6 per cent to hit a record high of Rs 3,280. Paring some of early gains, the stock ended day's trade at Rs 3,169.55, up 6.92 per cent. In contrast, the S&P BSE Sensex ended day's trade at 37,973, down 8.42 points, or 0.02 per cent.
Among other logistic stocks, Gati, Snowman Logistics, VRL Logistics, Mahindra Logistics and TCI Express rose between 3 per cent to 12 per cent on the BSE.
On September 22, Blue Dart Express announced a 9.6 per cent hike in its average shipment price from January next year to offset higher costs. The price increase, however, will not be applicable to customers signing up with the company between October 1 and December 31, 2020, it said in a release.
As per the General Price Increase (GPI), effective January 1, 2021, the average shipment price increase will be 9.6 per cent as compared to 2020, depending on the shipping profile, Blue Dart said in the release.
The hike in shipment price is part of the annual exercise undertaken to adjust inflation, fluctuation in currency and fuel price, among others, it said.
Hit hard by coronavirus lockdown, Blue Dart Express reported a net loss of Rs 127.94 crore in the April-June quarter of the current fiscal against the profit of Rs 4.59 crore in the same period last year. Its total revenue from operations during the first quarter stood at Rs 414 crore.