June 25, 2026 at 09:59 AM 2 min readmarketsdeveloping

HFCL Soars on RVNL Contract While Delhivery Sees Exit by Alpha Wave Ventures

HFCL Soars on RVNL Contract While Delhivery Sees Exit by Alpha Wave Ventures
The Bottom Line
  • •Investors should watch for project updates from HFCL to justify its recent valuation surge.
  • •Ongoing stake sales in Delhivery may create entry opportunities for long-term institutional buyers.
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HFCL Market Surge:

Indian telecom firm HFCL shares hit a 5% upper circuit at ₹215.35 on June 25, 2026, driven by a ₹2,666.09 crore contract from Rail Vikas Nigam Ltd (RVNL) for the BharatNet Phase-3 project in Uttar Pradesh. The stock has posted a 235% gain over the past six months, with management targeting 20-25% revenue growth in FY27 supported by an order book reaching ₹21,200 crore.

Sectoral Dynamics:

In the cement sector, Goldman Sachs upgraded Dalmia Bharat to a Buy rating on June 25, 2026, setting a target of ₹2,020-₹2,025 based on robust FY26 performance, including a record EBITDA of ₹3,083 crore. Meanwhile, logistics major Delhivery faces continued divestment pressure as Alpha Wave Ventures LP exited its 1.93% stake via bulk deals worth approximately ₹665 crore.

Investor Sentiment Shifts:

While early investors like Alpha Wave Ventures and Nexus Venture Partners reduce their holdings in Delhivery, the company continues to report strong service revenue growth of 30% year-on-year for Q4 FY26. Investors remain focused on these contrasting trends in Indian mid-cap stocks, weighing heavy infrastructure gains against the liquidity impact of significant stake sales in logistics sectors.
Pulse Intelligence
AI Analysis
Context & Background
  • Indian markets have seen diverse performance in 2026, with specific infrastructure and cement players attracting institutional attention.
  • Delhivery has witnessed a series of stake reductions from early-stage investors throughout the second quarter of 2026.
Key Consequences
  • HFCL likely faces increased investor scrutiny regarding project execution timelines for the massive BharatNet Phase-3 order.
  • Delhivery stock may experience short-term volatility as the market absorbs the completion of Alpha Wave Ventures' divestment.
  • Dalmia Bharat's shares are expected to trade with an upward bias following the favorable Goldman Sachs rating upgrade.
Market & Economic Impact

Individual stock movements contrast against a muted Nifty, with logistics and telecom sectors showing divergent institutional appetite.