Avenue Supermart Stock Soars After Bengaluru Store Opening

10 Apr 2024 , 11:05 AM

Following the announcement by DMart’s operators of the launch of a new store in Bengaluru, which brings the total number of outlets to 366, shares of Avenue Supermart increased by more than one% to reach a new 52-week high of ₹4,784 on April 10.

The stock was up 1.3% from the previous close on the NSE at 9.20 am, trading at ₹4,775. Over the last month, the share has increased by more than 20%.

The company recently revealed that its standalone revenue for the last quarter of FY24 increased by 20% to ₹12,393 Crore.

The same-store sales growth (SSSG) of 11%, the greatest SSSG in the previous five quarters, was the primary driver of the revenue growth, which exceeded the 18% observed in the first nine months of FY24, according to the brokerage.

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