Avenue Supermart hits new 52-week high on new store addition in Bengaluru

The company reported a 20 percent increase in revenue to Rs 12,393 crore in the final quarter of FY24

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Shares of Avenue Supermart gained over a percent to hit a new 52-week high of Rs 4,784 on April 10 after the operators of DMart, announced the opening of a new store in Bengaluru, taking the number of stores to 366.

At 9.20 am, the stock was trading at Rs 4,775, up 1.3 percent from the previous close on the NSE. The share has rallied over 20 percent in the past month.

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Recently, the company announced a 20 percent rise in standalone revenue at Rs 12,393 crore in the final quarter of FY24.

Morgan Stanley has stuck to its “overweight” call on the stock and set a price target of Rs 4,695, which has already been surpassed.

The revenue growth surpassed the 18 percent seen in the first nine months of FY24, mainly driven by a same-store sales growth (SSSG) of 11 percent, marking the highest SSSG in the past five quarters, the brokerage said.

In early April, CLSA raised its target price to Rs 5,514 from Rs 5,307, maintaining its “buy” call. CLSA said the company has promising growth opportunities in previously unexplored markets.

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