Why Delhivery Shares Are Soaring Today

Delhivery share price jumped another 5% on Friday as the stock continue to make gains for the second straight session.

What Happened: Shares of the logistics company surged over 5% on Friday to hit an intraday high of ₹356.80. The surge today comes as the latest shareholding data reveal that several mutual funds from popular fund house Mirae Asset have raised stakes in the company.

The Mirae Asset Tax Saver Fund was the biggest buyer as it bought over nine lakh shares of the company. Mirae Asset Emerging Blue Chip Fund also increased its stake in the company by over six lakh shares. Mirae Asset Flexi Cap Fund doubled their position in the company as it bought another 2,30,387 shares.

See Also: Here’s How Much Rekha Jhunjhunwala Earned From This Gaming Stock While You Had Breakfast

Domestic Institutional Investors also increased their holding in the company to 13% in the March quarter. DIIs held an 11.5% stake company at the end of the December quarter. Foreign Institutional Investors, on the other hand, decreased their stake from 69.1% to 67.6% in the quarter ended March.

The stock also garnered attention earlier this week, when global analyst firm Bernstein initiated coverage on the stock with a ‘market perform’ rating and a price target of ₹360. The firm noted that the company’s market share in e-commerce deliveries declined to 21.5% in FY23 from 23% in FY22. It expects the company’s market share to further decline to 19% by FY30.

Price Action: Delhivery share price was up 5.24% to trade at ₹354.75 in the late hours of trading on Friday.

Read Next: HCL Tech Shares Jump Back In Green After Q4 Results

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: MoversTrading IdeasDelhiveryMirae Asset Global Investments