According to Mint, shares of Avenue Supermart Ltd, which controls the popular hypermarket chain DMart, have soared by nearly 20% in the last six sessions, breaking a record in the background of higher volumes.
The stock hit an all-time high of ₹2,752 on the BSE. At 10.21 am, the scrip was at ₹2,696, up 1.5% from its previous close. Since 27 Nov till date, the scrip has risen 20.16%. So far this year it has advanced 47%. As of 12:18 am Avenue Supermarts was trading at Rs 2,685.
Avenue Supermarts, focussed on value retailing, offers a wide range of fast-moving consumer (food and non-food) products, general merchandise, and apparel. While announcing the September quarter (Q2FY21) results on October 17, the company’s management said that month-on-month sales have are looking positive during this quarter – August was better than July and September was better than August. The management said that the progress of the COVID-19 pandemic and its impact on consumer spending during the festival period will determine the company’s financial performance for the next quarter.
According to Mint, Analysts said this gain was hitched to the expected hike in footfall after at least three vaccine makers had applied for an emergency approval from Indian drug regulator. Recently, pharma majors Pfizer and Serum Institute of India (SII), Hyderabad-based Bharat Biotech International Ltd have sought emergency use authorization from the Drugs Controller General of India (DCGI) for its COVID-19 vaccine.
With this, analysts hope that early vaccines may soon return economic life back to normal all over the world.