Shares of Avenue Supermarts traded lackluster after a 22% year-on-year (YoY) jump in its March quarter net profit failed to impress Dalal Street investors.
Brokerages are impressed by the pickup in Avenue Supermarts store additions, and improvement in general merchandise and apparel into its mix. While JPMorgan upgraded the stock, Nuvama raised its target price.
DMart shares: Damani, who was last worth $21.2 billion at last count, as per Bloomberg Billionaire index, saw his net worth rising, as DMart shares jumped 5.6 per cent to hit a fresh 52-week high of Rs 4,710.15 on BSE.
Avenue Supermarts reaches a 52-week high on posting a 20% YoY revenue growth. The stock has risen 27% in the past 12 months, largely in line with Nifty s 29% gains. CLSA, meanwhile, recently initiated coverage on the stock.
DMart maintains its positioning as a value-focused retailer. Additionally, DMart Ready leads in SKU availability compared to its peers and is showing sequential improvement, said Morgan Stanley in a note.