Avenue Supermarts stock hits new high on Q1 earnings

The Avenue Supermarts stock rose to a fresh high on Monday aided by its Q1 earnings which came above market expectations.

At 1454 hours, the stock was trading at 922 level, up almost 1 percent on the BSE. It hit an intraday and an all-time high of 964 level on the BSE.

The stock is up 42 per cent or 273.1 points since the Radhakishan Damani-owned and promoted firm was listed on March 22 this year. It is up 221 percent on its issue price in a mere 137 days.

It closed at 918.50 level on the BSE.

On Saturday, 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.

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, Avenue Supermarts said in a BSE filing.