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Business News/ Markets / Stock Markets/  Delhivery shares: Buzz of block deal; stock gains

Shares of Delhivery Ltd gained nearly a per cent to 349 apiece on the BSE in Wednesday's early trading session on the back of buzz of a large block deal, after reports on Tuesday suggested that Japanese conglomerate Softbank will offload shares worth 600 crore in Delhivery through block deals.

Around 2.8 crore shares i.e., 3.8% of equity of Delhivery have changed hands in a block deal window on Wednesday, as per a CNBC-TV18 report. Mint could not independently verify the update.

Softbank, which is the single largest public stakeholder in the logistics company, held 18.42% stake as of December 2022, through its subsidiary Svf Doorbell (Cayman) Ltd.

Last week, Internet Fund III Pte, a fund managed by Tiger Global Management, divested a 1.7% stake (1,23,63,060 shares) in supply chain company for 414 crore through an open market transaction, at an average price of 335 apiece. Post the transaction, Internet Fund III Pte's shareholding in the company has reduced to 2.98% from 4.68%.

Delhivery's net loss widened to 195.7 crore for the third quarter ended December 2022 (Q3 FY23) as compared to a loss of 127 crore in the yea-ago quarter. Its revenue also declined about 9% to 1,823 crore as against 2,019 crore year-on-year (YoY).

Jefferies in a note on Delhivery's Q3 review last month had said that “Dominant in B2C, Delhivery is making a mark in B2B through its Spoton acquisition. Integration issues and slowdown at its e-commerce clients in the next 9-12 months are headwinds, the note stated, adding that the company should break even in FY25E-26E with management’s focus on profitability in an industry with a strong growth tailwind."

Delhivery is fully-integrated supply chain services company in the domestic and international space. The stock is down more than 35% since its market debut in May 2022.

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Updated: 01 Mar 2023, 10:15 AM IST
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