Avenue Supermarts, which owns and operates retail chain DMart, on Wednesday became the 11th most valued Indian firm by market valuation, after a rally in its shares. Today, DMart shares were up 2% at ₹2,495, giving it a market cap of 1.61 lakh crore, ahead of Nestle India's market cap of about ₹1.58 lakh crore.
At close of trade on Wednesday, DMart's market capitalisation stood at ₹1,58,902.37 crore on the BSE after surging 5% - its upper circuit limit -- on the BSE. The company is ahead of Nestle India, Maruti Suzuki India, Asian Paints and HCL Technologies, among others, in terms of market capitalisation.
Year to date, Avenue Supermart's shares are up about 35% as compared to about 25% negative return from Sensex. In early February, DMart had entered the list of India's 20 most valuable listed companies.
At close of trade on Wednesday, remained India's most valuable company with market cap of ₹9.09 lakh crore followed by TCS at ₹7.32 lakh crore.
Avenue Supermarts had last week informed BSE that its board will meet on May 23 to consider and approve the financial statements for the quarter and financial year ended March 2020.
The Mumbai-based company has presence in over 200 locations through DMart stores.
Avenue Supermarts had posted a 65.77% jump in its net profit in the December quarter on account of overall increase in margin mix and improved operating costs. Its net profit stood at ₹251.76 crore on a standalone basis for the quarter ended 31 December, compared to ₹151.87 crore in the corresponding quarter a year ago. (With Agency Inputs)