V-Mart Retail share price surges over 15% on strong Q3 results; should you buy, sell or hold the stock? | Mint
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Business News/ Markets / Stock Markets/  V-Mart Retail share price surges over 15% on strong Q3 results; should you buy, sell or hold the stock?
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V-Mart Retail share price surges over 15% on strong Q3 results; should you buy, sell or hold the stock?

V-Mart Retail share price jumps over 15% following strong Q3 results and good festive demand. V-Mart Retail records Q3FY24 revenues of ₹889 crore, up 14% YoY.

V-Mart Retail share price opened at ₹2,200 apiece on BSE and touched an intraday high of ₹2,410 and an intraday low of ₹2,187.10.Premium
V-Mart Retail share price opened at 2,200 apiece on BSE and touched an intraday high of 2,410 and an intraday low of 2,187.10.

V-Mart Retail share price jumped over 15% on Wednesday's trading session following strong Q3 results aided by good festive demand. V-Mart Retail share price opened at 2,200 apiece on BSE and touched an intraday high of 2,410 and an intraday low of 2,187.10.

As per the exchange filing, the company recorded Q3FY24 revenues of 889 crore, up 14% year-on-year (YoY) and 4% YoY in same-store sales. For the quarter ended December, the company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed by 15% to 120 crore and its profit after taxes (PAT) increased by 41% YoY to 28 crore. During the quarter, the company launched 20 new shops and closed 3 locations, bringing the total number of outlets in India to 454.

Also Read: Nifty Midcap and Smallcap indices hit fresh record highs, up over 7% in CY24 so far

“Good festive demand in the quarter helped increase footfalls by 23% reflecting an improved consumer sentiment. Winter season was delayed and remained muted during the quarter. Working capital improved with a decrease in inventory by 12% from last quarter," said the company in its exchange filing. 

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Should you buy, sell or hold?

According to Rajesh Bhosale - Equity Technical and Derivative Analyst at Angel One, V-Mart Retail stock is up 9% back with huge volumes. Technically as well, we are seeing a price breakout with a formation similar to cup and handle. Traders can maintain a positive bias, and any dip in V-Mart Retail stock should be considered a buying opportunity. 2,230 is support, whereas 2,500 is resistance.

Also Read: Canara Bank board to consider stock split on February 26

On the other side, Ruchit Jain, Lead Research Analyst at 5paisa, recommends holding V-Mart Retail shares. Jain explained that after an underperformance for a long period, the stock has shown signs of reversal as it has been now forming higher top higher bottom. The volumes have started improving, and hence stock could move higher in the near term. The immediate support is now placed in the 2,000–1,950 range.

Also Read: Nestle results today: Should you Buy, Sell or Hold the stock?

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 07 Feb 2024, 10:43 AM IST
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