The Indian retail corporation Avenue Supermarts Limited (NSE:DMart) is seeing a sharp increase in its trading price amid a fast-paced expansion in March.
On Wednesday, the share price of DMart surged to ₹4,294.80. The number represents an increase of 8.54% from the previous closing price of ₹3,956.80. Based on its current value of ₹4,261.00, the stock gained 9.07% over the past five trading days and 12.06% over the past month.
12 New Stores in a Single Day
DMart rallies as its DMart retail chain opens 12 new brick and mortar stores in one single day on March 31.
Based on a regulatory filing submitted on Wednesday, DMart inaugurated new stores in Daund, Pune; Tiruvottiyur, Chennai; SGBL Square Mall, Cuttack; Kanpur Road, Lucknow; Omaxe Connaught Place Mall, Greater Noida; IMT Faridabad; Dattawadi, Pune; Sarkanda, Bilaspur; Zundal, Gandhinagar; Singarwa, Ahmedabad; Kachimet, Nagpur and Avadi, Chennai.
500 Stores
The Mumbai-based company is undergoing aggressive expansion. A day earlier, on March 30, DMart also opened seven new stores in Vavol, Gandhinagar; Raichur; Annathanapatti, Salem; Ilavala, Mysore; Haveri and Devpuri, Raipur.
On March 29, DMart rolled out three new stores in Pipla, Nagpur; AU Family Hub, Ghaziabad and Vijay Nagar, Jabalpur.
The development brings the total number of DMart stores to 500.
Avenue Supermarts is showing strong financials as the company’s consolidated net profit for the third quarter grew by 18.27% year-on-year to ₹855.78 crore. Revenue from operations also increased by 13.32% to ₹18,100.88 crore.
Retail King
DMart's retail chain is among the leading supermarkets in the country focused on value retailing. It offers products ranging from food, non-food, apparel and general merchandise.