Avenue Supermarts shares jump 5% amid company’s quarterly update; Macquarie bullish on stock, raises price target
Avenue Supermarts shares jumped over 5 per cent to touch a day’s high level of Rs 4465.75 per share on the BSE intraday trade on Monday after the company reported over 46 per cent year-on-year growth in the standalone revenue of Q2FY22 in its quarterly update on Saturday.
Avenue Supermarts shares jumped over 5 per cent to touch a day’s high level of Rs 4465.75 per share on the BSE intraday trade on Monday after the company reported over 46 per cent year-on-year growth in the standalone revenue of Q2FY22 in its quarterly update on Saturday.
Avenue Supermarts, which owns and operates retail chain D-Mart, has also increased its total number of stores to 246 as of September 30, 2021, against 238 stores in the June quarter.
See Zee Business Live TV Streaming Below:
The company in its filing to exchanges on Saturday said, “Standalone Revenue from operations for the quarter ended (QE) September 30, 2021 stood at Rs 7,649.64 crores as compared to Rs 5,218.15 crore in the July-September quarter a year ago.”
The stock witnessed profit booking immediate after rising over 5 per cent in the early morning trade, it is marginally gaining by 0.6 per cent to Rs 4252 per share on the BSE at around 10:09 am, as compared to 1.1 per cent rise in the S&P BSE Sensex.
The stock in the last three months has gained over 32 per cent, while it recently had hit is 52-week high of Rs 4495 per share on September 29, 2021 on the BSE.
Macquarie maintains an Outperform rating on Avenue Supermarts with target being raised to Rs 4,950 per share, it says Q2 update points to sharp recovery in demand. Similarly, the company’s same-store sales up 6 per cent against pre-covid levels in the September-end quarter.
The brokerage firm upgrades FY22/23/24 EPS by 3/1/1 per cent respectively to factor this recovery, however, inflation is another tailwind.
Avenue Supermarts is promoted by an ace investor Radhakishan Damani and his family. D-Mart retails basic home and personal products across markets which include - Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
11:07 AM IST