D-Mart, Varun Beverages, Radico Khaitan, Edelweiss Financial hit new highs

Shares of Avenue Supermarts that runs the D-Mart retail stores, Radico Khaitan, Varun Beverages, Edelweiss Financial Services, Biocon, Hexaware Technologies, Kotak Mahindra Bank and MM Forgings were among 13 stocks from the S&P BSE 500 and Smallcap index that hit new high on the BSE in otherwise range-bound market.
Berger Paints, JMC Projects, GMM Pfaudler, Take Solutions and Pidilite Industries, too, hit their respective all-time highs on the BSE in intra-day trade today. On comparison, the S&P BSE Sensex was trading 0.41% lower at 35,021 points at 01:55 pm.

Radico Khaitan rallied 9% to Rs 479 on the BSE. Thus far in the month of May, the stock surged 14% after the company reported a more than doubled net profit at Rs 342 million in March 2018 quarter. It had profit of Rs 166 million in the same quarter last fiscal.

MM Forgings surged 10% to Rs 1,292, extending its previous day’s 4% gain on the BSE after the board of directors of the company recommended issue of bonus shares in the ratio of 1:1 i.e. one bonus equity share for every one share held on the record date.

Hexaware Technologies hit a new high of Rs 459, up 6% on the BSE, gaining 19% post March quarter results on May 4, 2018. The company reported a better than expected 11% sequential growth in its consolidated net profit at Rs 1.34 billion in March quarter (Q1CY18). Revenue grew 4.4% at Rs 10.49 billion over the previous quarter.

Analysts on an average had expected profit of Rs 1.29 billion on revenue of Rs 10.37 billion from the information technology company. On CC (constant currency) terms revenue growth was 3.3% at $161.2 million against analyst estimate of 2.5% during the quarter.

D-Mart falls 11% in two days on promoter R K Damani upto 1% stake sale plan

Shares of Avenue Supermarts - the operators of retail chain D-Mart, have fallen 6% to Rs 1,338 per share, extending their 5% drop on the BSE on Friday after the company announced that promoter R K Damani would pare his stake to comply with the shareholding norms.
D-Mart lost Rs 93.21 billion market-cap in past two days from Rs 933.10 billion on Thursday, May 17, 2018 to Rs 839.89 billion at 12:26 pm; the BSE data shows.

Damani plans to sell 6.24 million shares (about 1%) between May 21 and June 14 in the open market. Currently, the total promoter holding in Avenue Supermarts is 82.2%, which needs to be brought down to at least 75% by March 2020. Damani in his personal capacity holds 39.41% stake in the company.

Damani has given an undertaking that he would not buy any equity shares when the open market share sale is underway.

Since listing on March 21, 2017, shares of Avenue Supermarts have risen 133% till Thursday. It zoomed as much as 400% from the issue price of Rs 299 offered at the time of its initial share sale. It touched an all-time high of Rs 1,534 on April 30, 2018 in intra-day trade.