Logistics firm Blue Dart Express has changed the name of its express delivery Dart Plus to Bharat Dart. Shares of the firm were up over 1.5% on Tuesday.
What Happened: The company said in an exchange filing that the change in name of the revamped service was made after an “extensive discovery and research process”.
The company also said it expects to make further inroads into tier 1 and tier 2 cities in the country, where it controlled an 18.6% and 37.1% market share, respectively, in the financial year ended 2023.
“This rebranding represents an exciting transformation for us as we continue to serve the length and breadth of the country. Bharat Dart is the first step in a new and exciting chapter for our company and our nation,” Balfour Manuel, Blue Dart’s managing director said in a statement.
Why It Matters: Some media reports have suggested that the Indian government may propose changing the name of the country to “Bharat”, leading to debates among the public.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Blue Dart’s exchange filing mentions the word Bharat, which is an alternative name for the country as per the Constitution of India, several times, possibly alluding to this general discourse surrounding the issue.
Price Action: Blue Dart’s share price was up 1.55% to ₹6,730.75 around noon on Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.