Avenue Supermarts hits new high; up over 200% against IPO price

STOCK MARKET - Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high of Rs 996, up 4% in intra-day trade, extending Tuesday’s 3% gain on the National Stock Exchange (NSE). The stock is trading at its highest level since listing on March 21, 2017.

Avenue Supermarts (D-Mart) which is promoted by veteran ace investor Radhakishan Damani rose 233% against its initial public offer (IPO) price of Rs 299 per share. The stock had ended at Rs 642 on first day of its listing, and has rallied 55% since then. On comparison, the benchmark Nifty50 index gained 6% during the same period.

D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof. The Company offers a wide range of products with a focus on foods, non-foods (FMCG) and general merchandise & apparel product categories.

The company had reported 48% year on year growth in its reported net profit of Rs 175 crore in June 2017 quarter (Q1FY18) as compared to Rs 118 crore in the corresponding quarter of last fiscal. The company’s EBITDA ((earnings before interest, taxation, depreciation and amortisation) margin was at 8.4% in Q1FY18 as compare to 8.8% in Q1FY17.

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