Delhivery shares closed 1.12% lower at Rs 354.10 against the previous close of Rs 358.10 on BSE. It opened flat at Rs 358.15 on BSE. Shares of logistics services firm Delhivery Ltd have recovered 24% from their 52-week low hit in January this year. The stock hit an intraday high of Rs 360 on BSE today against the 52-week low of Rs 291 touched on January 27, 2023. On the other hand, the Delhivery stock reached a 52-week high of Rs 708.45 on July 21, 2022.
With today’s close, the Delhivery stock has achieved the target of Rs 360 assigned by brokerage firm Bernstein in April this year. Bernstein initiated coverage on the stock with a market perform rating.
In the current session, Delhivery shares closed 1.12% lower at Rs 354.10 against the previous close of Rs 358.10 on BSE. It opened flat at Rs 358.15 on BSE. A total of 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 46.19 lakh on BSE. Market cap of the firm fell to Rs 25,823 crore on BSE. The Delhivery stock has lost 31% in a year and gained 7.06% in 2023.
In terms of technicals, the relative strength index (RSI) of Delhivery stands at 49.9, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 0.9, indicating low volatility in a year. Shares of Delhivery stand higher than the 5 day, 50 day and 100 day moving averages but lower than 20 day and 200 day moving averages.
Global brokerage Jefferies has assigned a buy call on the Delhivery stock with a target price of Rs 570, which shows an upside potential of 61% from the current market price.
"2HFY23 results surprised positively with lower losses. We believe current price factors in less than 10% express parcel growth in the next 3-5 years vs 30% plus levels seen in the past. Delivery on the toned-down expectations should be enough for the stock to move materially higher in 2023," it said.
Ravi Singh, Vice President and Head of Research, Share India said, "Delhivery is focusing more toward the direct routes to capture a bigger share of India’s logistics market which projects a strong long-term growth in future. The share price of Delhivery may see some upside to touch the levels of Rs 370 in the near term."
The firm reported widening of net loss at Rs 159 crore for the quarter ended March 31, 2023. It reported net loss of Rs 120 crore in the year-ago period. Revenue from operations slipped 10 per cent to Rs 1,860 crore in Q4FY23 as against Rs 2,072 crore in Q4FY22.
Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software. Delhivery is the largest and fastest-growing fully integrated logistics services player in India by revenue as of FY21.
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