Shares of Delhivery have climbed steadily over the past seven trading sessions following the release of third-quarter results. The stock was up 5.5% at Rs 359 in intraday trade on Tuesday, with about 117,000 shares traded on the BSE. Meanwhile, the S&P BSE Sensex rose 0.4% to 60,921 at 10:35 am.

After reporting its December quarter earnings on February 10, 2023, the stock has rallied nearly 14% over the past seven sessions.

While the company reported wider losses and a year-over-year decline in total revenue (down 5%), earnings looked relatively good sequentially.

The company’s net loss narrowed to Rs 195.65 crore for the quarter ending December 2022 from Rs 254.11 crore for September 2022.

Total revenue edged up 1.9% QoQ to Rs 1,918 crore from Rs 1,883 crore.

Brokerage house ICICI Securities maintained its ‘buy’ call on Delhivery with a target price of Rs 425 on the release of the results.

The stock hit a 52-week low on January 27, 2023. The stock has risen more than 23% from its lows at the time.

After listing in August 2022, the stock has rallied to a high of Rs 607.65. Hence, a premium of nearly 25% to its IPO price of Rs 487 per share.

However, after a sharp price correction, the stock trades at a more than 26% discount from its IPO price.