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Avenue Supermarts stock hits Rs 1,000 mark for first time, market capitalisation rises

At 9:21 am, the stock was trading  almost two percent higher at 1008 level. Its market capitalisation rose further to Rs 62764.18 crore on the BSE.

Aseem Thapliyal        Last Updated: August 24, 2017  | 17:00 IST
Avenue Supermarts stock hits Rs 1,000 mark for first time, market capitalisation rises

After making a blockbuster stock market debut in March, the Avenue Supermarts stock is back in news again. Avenue Supermarts is the parent firm of D-Mart which is among the most profitable food and grocery retail chains in India. The stock crossed the crucial 1,000 level within five minutes of the market opening.

At 9:21 am, the stock was trading  almost two percent higher at 1008 level.

Its market capitalisation rose further to Rs 62,764.18 crore on the BSE.

The stock closed 0.54 percent or 5.30 points higher at 994.95 level.

Also read: D-Mart's debut catapults Radhakishan Damani into top 20 billionaires list

On Wednesday, the stock crossed the market capitalisation of Rs 60,000 crore and touched the intra day high of 999 level. The stock closed at Rs 989.15, up 3.4% on the BSE.  Its market capitalisation swelled to Rs 61,731.32 crore on the BSE.

The company's market value is now higher than that of 13 Nifty companies like Tata Steel, Ambuja Cements, Indiabulls Housing Finance, Hindalco Industries, Zee Entertainment Enterprises Ltd, Cipla Ltd, Tech Mahindra, Lupin, Aurobindo Pharma, ACC, Bank of Baroda, Dr Reddy's Laboratories and Tata Power Co.

As compared to the issue price of Rs 299, the stock is trading with gains of around 322 percent.

The initial public offer of Avenue Supermarts, the operator of retail chain D-Mart, saw robust investor demand and was subscribed 106 times with strong demand from institutional and retail investors

On its listing day on March 21, 2017, the stock saw heavy buying and clocked 102 percent gains to list at Rs 604.4.

The firm which runs the D-Mart supermarkets chain, reported a 47.6 per cent rise in its net profit at Rs 174.77 crore for the quarter ended June 30, 2017. The company had reported a net profit of Rs 118.44 crore in the corresponding quarter a year ago.

Its total income for Q1 stood at Rs 3,598.13 crore, up 35.7 per cent, against Rs 2,652.39 crore in the year-ago period.

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