Avenue Supermarts reported a consolidated net profit of Rs 623.35 crore in Q2 FY24, down 9.09 percent Year-on-Year (YoY). The company’s revenue was up 18.66 percent YoY at Rs 12,624.37 crore in the same period
While top companies including Reliance Retail, Aditya Birla Fashion and Retail (ABFRL), D Mart, Tata s Trent, Shoppers Stop, Lifestyle and Starbucks continued to add stores, companies such as Uniqlo, Latin Quarters, Meena Bazaar and Lee and Wrangler have also started expanding brick and mortar stores.
Jefferies maintained a buy rating on HDFC Bank with a target price of Rs 2030. Higher liquidity buffers drag margins, but it will improve from Q4 onwards.
Jefferies maintained a hold rating on Avenue Supermarts (D-Mart) but raised the target price to Rs 3850 from Rs 3700 earlier post September quarter results.
India VIX was down by 0.02% from 10.62 to 10.61 levels on Friday. Volatility cooled off in the week and paved the way for the bulls to strengthen in the market.