Avenue Supermarts' shares hit 52-week high; regains mcap of Rs 3 lakh crore

Avenue Supermarts, the company behind DMart, saw its market valuation surpass Rs 3 lakh crore as shares reached a 52-week high. Standalone revenue for the March quarter increased by up to 20%. Stock prices rose on both the NSE and BSE, with a 12% gain over the last three sessions. Total DMart stores now stand at 365.

The market valuation of Avenue Supermarts, which operates supermarket chain DMart, regained the Rs 3 lakh crore-mark in the mid session trade on Thursday, as the company's shares touched a 52-week high on the bourses.

The company's shares surged after DMart owner posted a rise of up to 20 per cent in its standalone revenue from operations to Rs 12,393.46 crore for the March quarter.

The stock of the company climbed 3.73 per cent to Rs 4,626 apiece on the BSE.

On the NSE, scrip of Avenue Supermarts went up by 3.66 per cent to Rs 4,623.95 per piece.

In the intra-day trade, shares of the company surged nearly 6 per cent to hit its 52-week high of Rs 4,715 and Rs 4,710.15 per piece on the NSE and BSE, respectively. The stock gained 12 per cent in the last three straight sessions.

Also, the company's market valuation jumped Rs 10,824.95 crore to Rs 3,01,029.12 crore during the intra-day trade on the BSE. In October 2021, the Avenue Supermarts' market capitalisation (mcap) crossed the Rs 3 lakh crore-mark.

Meanwhile, the 30-share BSE Sensex fell 95.08 points or 0.13 per cent to 73,781.74 and NSE Nifty went lower by 17.95 points to 22,416.70 during mid session.

In an update on Wednesday, Avenue Supermarts said it has reported its standalone revenue from operations at Rs 12,393.46 crore in the quarter ended March 2024, recording a growth of 19.89 per cent from Rs 10,337.12 crore in the same period a year ago.

As of March 31, 2024, the total number of DMart stores stood at 365.

The revenue is higher than Rs 8,606.09 crore reported in the quarter ended March 2022 and Rs 7,303.13 crore in the preceding quarter of FY21, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)