Mumbai: Stocks of Bluedart Express traded up by 14 percent as of data made available post end of trading session on Friday.
Bluedart Express quoted Rs 3,700.55 per share, up by 14.04 percent or 455.60.
The development gains prominence since the company announced its consolidated net profit for quarter ending July-September quarter. The company reported a nearly three fold jump in net profit.
Consolidated net profit for the quarter ending September stood at Rs 42.33 crore, as against Rs 14.64 crore in the previous quarter.
At 11.30 AM on Friday, shares on the BSE were trading at Rs 3,597.40, higher by Rs 352.45 or 10.86 per cent from its previous close.
The company's revenue from operations during the period under review grew 8 per cent to Rs 866.57 crore.
Blue Dart Express in the sector of Logistics includes TCI Express, Transport Corporation, Mahindra Logistics, and Adani Ports. Elaborating on the prospects for logistics players, a report dated 5th October from brokerage firm Yes Securities highlighted key take-aways. The quarter could see better prospects for logistics players compared to the previous quarter owing to better availability of trucks and drivers. Such stocks also benefited from the opening up of economy leading to improved demand and thereby better business..
That the festive season saw a sharp jump in e‐commerce related activity is also expected to uplift business prospects.
"However local state level shutdown and some of the SMEs still not running up to pre‐COVID capacities, we expect freight business growth to be weak on yoy basis for most of the logistics Companies. Selected segments like Express Cargo are expected to witness faster pickup as compared to normal Freight business. We also expect recovery to be gradual in 3PL segment especially catering to auto segment. We expect margins for the Companies to also improve and move towards the pre‐COVID levels for most companies with stabilization of freight rates," highlighted a report from Yes Securities.
During the month of April, Blue Dart had slashed its tariffs to help India fight the Covid-19 pandemic.