Delhivery falls after stake worth Rs 410 crore changes hands

The stock has been under pressure ever since the company said in October that it expected moderate growth in shipment volumes for the rest of FY23

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Delhivery shares fell close to 3 percent in early trade on February 22 after a block deal worth Rs 410 crore at a discount to market price.

A block of 1.7 percent of the company’s equity changed hands at an average price of Rs 338, compared to previous closing price of Rs 348.90.

The buyers and sellers were not known immediately.

At 9.30 am, the stock was quoting at Rs 338.60 apiece on the National Stock Exchange, down 2.95 percent from the previous close. Trading volumes at 13 million shares were significantly higher than the 20-day average of 1.4 million.

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The stock has been under pressure ever since the company said in October 2022 that it expected moderate growth in shipment volumes for the rest of FY23. That’s when it saw its biggest intraday drop of 18 percent.

This was followed by some selling pressure from pre-IPO investors in November 2022 as their lock-in period expired. CA Swift Investments on February 20 divested a 2.5 percent stake in the supply-chain company which was picked up by Morgan Stanley Asia (Singapore) PTE.

Softbank, which was a seller in Paytm, continues to hold its 18.42 stake in Delhivery, according to the December shareholding pattern. Fedex (2.87 percent) and Nexus Venture Partners (9.1 percent) have also not offloaded their stake yet.

Q3 pain

The logistics firm’s December quarter results, too, didn’t inspire confidence.  The company reported a net loss of Rs 195.7 crore against a net loss of Rs 127 crore in the year-ago quarter. Its revenue from operations fell to Rs 1,823.8 crore for the October-December period from Rs 2,019 crore in the year-ago quarter.

Brokerages, however, continue to be bullish on the stock for its long-term growth prospects. Morgan Stanley has a target of Rs 370 on the stock. Jefferies has a “buy” tag with a target of Rs 570.

“We believe current price factors less than 10 percent express parcel growth in the next three-five years vs 30 percent plus levels seen in the past. We believe B2B (Spoton), operating leverage and low e-commerce penetration driven growth are being underestimated,” said Jefferies in a recent report.

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