Delhivery bulk deals: CA Swift Investments sells Rs 607 cr shares, Morgan Stanley Asia a buyer

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CA Swift Investments on Monday sold half its stake in Delhivery at an average price of Rs 330.02, suggested NSE bulk deal data. CA Swift Investments sold 1,84,04,607 (1.84 Crore) shares of Delhivery for Rs 607.38 Crore. This is against 3,68,09,214 (3.68 crore) shares or 5.07 per cent stake in Delhivery as of September 30.

In another bulk deal, Morgan Stanley Asia (Singapore) on Monday bought 48,54,607 (48.52 lakh) Delhivery shares at an average price of Rs 330 per share in a bulk deal. The shares bought were worth Rs 160 crore.

The stock closed 1.91 per cent down at Rs 344 on the NSE. This was 30 per cent lower than the issue price of Rs 487 at which the stock was allotted in the May IPO.

Post its IPO, Delhivery saw a sharp growth of 30 per cent led by two drivers: higher ecommerce growth prospects and Delhivery already being profitable in H2FY22.

“As both of these have been challenged in H1FY23, the stock was violently impacted. While FY23E may still see 15-20 per cent express parcel growth, the Delhivery story for a decade or more in e- Much depends on commerce growth to be 20 per cent or more. Hence,” Nuwama Institutional Equities said in a November 14 note.

Before getting beaten up, the stock hit a record high of Rs 708.45 on July 21.

Delhivery management has indicated that while Delhivery has suffered losses due to the closure of Shoppe in India, the growth rate could still exceed 15 percent. In addition, Delhi’s return to losses in the first half of FY2023 was a setback, and management felt it should be on track to return to profitability again.

“However, we feel that this time around investors may place less reliance on the hope and wait for actual profit delivery before re-rating the stock,” Nuwama said in the note.

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