INSUBCONTINENT EXCLUSIVE:
networth of $ 17.8 billion, next to Mukesh Ambani, according to Forbes' Real-Time Billionaires Index
After a rally of over 5% of Avenue Supermarts shares this week, Damani has pipped past HCL's Shiv Nadar ($16.5 billion), Uday Kotak
($14.9 billion), Gautam Adani ($14.1 billion) and Lakshmi Mittal ($12.1 billion) in the Forbes Billionaire Index
Currently, the stock is trading at a market capitalization more than that of Wipro, ONGC, UltraTech Cement, and HDFC Life Insurance
Avenue Supermarkets shares rallied sharply after the company announced a share sale for institutional investors on February 5
The company raised about Rs 4,000 crore at Rs 2049 a piece
On Thursday, the promoters announced the offer for sale of 2.28% at a base price of Rs 2,049, a discount of 20% to the prevailing market
Analysts and investors have criticized Avenue for being expensively valued, but that has not hurt the stock's performance so far
Out of the 25 brokerages that cover Avenue, 11 have a buy rating, while 9 have a sell
Five brokerages have a hold rating
The average target price on the stock by analysts is Rs 1,897, 24% lower than the current market price of Rs 2483
Brokers said low floating stock and relatively stronger profitability have ensured that the stock has been a Dalal Street favourite
D-Mart delivered strong growth in net profit in December 2019 bu revenues were under pressure because of a consumption slowdown
For the quarter ended December 31, Avenue Supermarts had reported a 53.3% year-on-year rise in standalone profit at Rs 394 crore compared
with Rs 257 crore last year.