Avenue Supermarts jumps over 10% in three days

6 Jul 2022 , 03:29 PM

Shares of Avenue Supermarts have risen 10.8% in three trading sessions from its recent closing low of Rs 3,386.85 on 1 July 2022. On the BSE, 27,000 shares were traded in the counter so far compared with average daily volumes of 20,000 shares in the past two weeks. In the past one year, the stock has surged 11.61% while the benchmark Nifty50 rose 1.15% during the same period. Meanwhile, on Saturday, 2 June 2022, the diversified retail company posted its quarterly updates. The total number of DMart stores as of 30 June 2022 stood at 294. Avenue Supermarts (DMart) has reported a standalone revenue of Rs 9,806.89 crore in Q1 June 2022 (Q1FY23), up 94.90% from Rs 5,031.75 crore reported in the same quarter last year. The revenue is higher than Rs 3,833.23 crore reported in Q1 June 2020 and Rs 5,780.53 crore in Q1 June 2019. On the technical front, the stocks daily RSI (relative strength index) stood at 60.224. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading above its 50-day simple moving average (SMA) placed at 3637.64 respectively. These levels will act as crucial support zones in near term. DMart posted 3.13% increase in consolidated net profit to Rs 426.83 crore on 18.55% jump in revenue from operations to Rs 8,786.45 crore in Q4 FY22 over Q4 FY21. Avenue Supermarts is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. As of 31 March 2022, the company had 284 operating stores with retail business area of 11.5 million sq. ft across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab. Powered by Capital Market – Live News