Delhivery Shares Hit Eight-Month High After Large Trade

Shares of Delhivery Ltd. rose to an eight-month high on Thursday after a large trade.

At least 1.84 crore shares, or 2.5% equity, changed hands in a large trade in the pre-open session, according to Bloomberg.

Shares of Delhivery rose 7.12% during early trade, only to pare gains and fall 0.10% to Rs 388.20 apiece as of 10:20 a.m., compared to a flat NSE Nifty 50.

The average traded volume so far in the day stood at 89.1 times its monthly average. The relative strength index was at 64.76, implying that the stock may be overbought.

Out of the 22 analysts tracking the company, 15 maintain a 'buy' rating on the stock, five recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 7.4%.