Q3 Sell-off Over? Why Delhivery Shares Are Shooting Higher Today

Shares of Delhivery continued their five straight sessions gaining streak as the logistics company seems to be shaking off Q3 blues.

What Happened: The company shares were trading lower after its losses widened in Q3. The company’s loss stood at ₹195.7 crore in the December quarter compared to the ₹126.5 crore loss it booked in the corresponding quarter.

See Also: What’s Going On With Nykaa Share Price Today?

After it announced the results, the company’s shares sunk around 6% on Feb.13 to reach an intraday low of ₹298.15 at the BSE. Since then the company has surged over 15%.

Despite the underwhelming analysts have remained positive on the stock. Domestic brokerage firm ICICI Securities maintained the buy rating for the stock as they see an over 19% upside from the current market price of around ₹355.

The company’s recovery comes as several other of its peers in the new age tech stocks category are seeing recovery after the post-Q3 sell-off. At the time of writing Zomato shares were up 1.74% at ₹55.55, Nykaa shares traded 1.11% higher at ₹145.10, and PB Fintech was up 0.72% to trade at ₹494.

Price Action: Delhivery shares traded 2.94% higher at ₹349.90 in the early hours of trading on Tuesday.

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