Blue Dart Express up 2% as subsidiary to purchase 2 leased aircraft

The share touched a 52-week high of Rs 7,934 on January 2, 2023 and a 52-week low of Rs 5,633 on May 8, 2023

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Blue Dart Express share price rose 2.3 percent in the early trade on December 11 after its subsidiary purchased two leased aircrafts.

At 09.29 am, Blue Dart Express was quoting at Rs 7,562.10, up Rs 176.60, or 2.39 percent, on the BSE.

“The board of directors have noted and approved purchase of two leased Aircrafts by Blue Dart Aviation Ltd. (BOAL), a wholly owned subsidiary of the company from DHL Aviation (Netherlands) B.V. (DHL NL), a fellow subsidiary company for an amount of approximately Rs 40 crore,” the company said in a statement to the media.

These two aircraft are being operated on lease by Blue Dart Aviation.

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In November, the company announced its plans for nationwide expansion with the inauguration of 40 new franchisees and company-owned retail outlets.

The company in its regulatory filing on September 30, announced a decision to implement a general price increase, effective January 2024. The price increase will be 9.6 percent as compared to 2023, depending on the shipping profile.

In the quarter ended September 2023, the company posted 22.5 percent decline in net profit at Rs 71.29 crore.

Blue Dart is an express air, integrated transportation & distribution company, offering delivery of consignments across India.

The share touched a 52-week high of Rs 7,934 on January 2, 2023 and a 52-week low of Rs 5,633 on May 8, 2023.

The stock is trading 4.69 percent below its 52-week high and 34.25 percent above its 52-week low.