New Delhi: Logistics company Delhivery’s share price surged over 3 per cent in initial trade on Wednesday after a block deal involving a 3.2 per cent stale in the company was finalised, according to market data. While the seller was not immediately known, the Canada Pension Plan Investment Board (CPPIB) is reportedly likely to have cut its stake in Delhivery. In April, CPPIB sold a 2.77 per cent stake in the logistics company for Rs 900 crore.
Delhivery block deal value
Delhivery’s stocks witnessed a block deal equalling a 3.17 per cent stake in the company at 9:17 am on Wednesday valued at nearly Rs 886 crore with an offer price of RS 378-389 apiece, equalling a discount of 0.7-3.5 per cent at current market prices. As of March 2024 end, CPPIB held a 5.96 per cent stake in Delhivery which was pared by 2.77 per cent in April.
CPPIB invested $115 million in Delhivery in 2019, citing major opportunities for the express logistics space on the back of strong e-commerce growth. CPPIB’s investment stood at 9.9 billion Canadian dollars as of June 30, 2019.
Delhivery share price today
Delhivery’s share price was down 0.51 per cent to RS 389.90 apiece as of 1:49 pm on July 10, 2024.
Delhivery’s share price was down 1.94 per cent in the past 5 days.
The stock was down 0.05 per cent in the past month.
In the past 6 months, Delhivery’s share price was down 7.69 per cent
Delhivery’s share price declined 2.24 per cent in the past year.
Delhivery’s share price target
Delhivery’s share price target according to the consensus estimate of analysts is Rs 503.75 apiece, according to Trendlyne data. This indicates a 28,57 per cent upside for Rs 391.80 apiece.
According to ICICI Securities analysts Abhisek Banerjee and Jayram Shetty, logistics company Delhivery’s parcel shipment volume is likely to rise 2 per cent year-on-year in Q1 FY25, with Rs 262 million EBITDA during the period under consideration.
Delhivery share price: Logistics company Delhivery stocks witnessed upward activity at market opening after shares equalling a 3.2 per cent stake changed hands in early trade in Wednesday. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
