INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Radhakishan Damani-led Avenue Supermarts climbed 4 per cent on Tuesday to hit a record high on quarterly profit push.
Avenue
Supermarts, the owner of retail chain D-Mart, reported a 43.4 per cent surge in net profit at Rs 251 crore for the June quarter.
The food
and grocery retailer had reported Rs 175 crore profit in the year-ago quarter
Total revenue for the quarter rose 26.7 per cent YoY to Rs 4,559 crore
The stock rose 4.46 per cent to hit an all-time high of Rs 1,663.80 on the BSE early today, pushing its market capitalisation above Rs 1
lakh crore mark to Rs 1.02 lakh crore.
The company of late has been beating Street estimates on the earnings front
But many analysts on Street have turned cautious on the stock
Of 14 analysts tracking DMart, eight are negative, two neutral and only four positive, Bloomberg data showed
But such performance as evident in the June quarter could lead them to review their recommendations on the stock, ET reported
