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.
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.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Price Action: Delhivery shares traded 2.94% higher at ₹349.90 in the early hours of trading on Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.