D-Mart pips Godrej Consumer, Tata Steel in m-cap as stock hits Rs1,018

Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high, crossing Rs1,000 mark at Rs1,018, and with it pushing up its market capitalisation to Rs62,901 crore, taking 44th in the overall ranking, BSE data showed.

A strong rally in D-Mart stock in past two weeks has seen the market capitalisation (m-cap) of the company crossing Rs62,000 crore. As of 10:167 am today, the company stood at 44th positions in overall ranking, with market-cap of Rs62,901 crore, as per BSE data.

D-Mart's m-cap has now surpassed that of FMCG major Godrej Consumer Products, steel giant Tata Steel, insurance company ICICI Prudential Life Insurance Company and cement company Shree Cement.

The Avenue Supermarts stock crossed Rs1,000-mark at Rs1,018, up 3 per cent from the previous closing on BSE in intra-day trade in an otherwise range-bound market.

The stock has been continuing an upward move in the past nine trading sessions. Since 10 August, the stock rallied 16 per cent from Rs880,against a marginal 0.19 per cent rise in the broader S&P BSE Sensex.

It is also ahead of FMCG companies such as Dabur India and Britannia Industries, pharmaceuticals companies like Lupin, Cipla, Cadila Healthcare, Dr Reddy's Laboratories and Aurobindo Pharma.

The company's market value is now higher than that of 13 Nifty companies like Tata Steel, Ambuja Cements, Indiabulls Housing Finance, Hindalco Industries, Zee Entertainment Enterprises Ltd, Cipla Ltd, Tech Mahindra, Lupin, Aurobindo Pharma, ACC, Bank of Baroda, Dr Reddy's Laboratories and Tata Power Co.

As compared to the issue price of Rs299, the stock is trading with gains of around 322 per cent.

Since its debut on 21 March 2017, D-Mart managed to advance in the market-cap list by 19 notches. It was at 63 rank with market-cap of Rs39,988 crore at the end of day of its listing.

The initial public offer of Avenue Supermarts, the operator of retail chain D-Mart, saw robust investor demand and was subscribed 106 times with strong demand from institutional and retail investors

On its listing day on 21 March, 2017, the stock saw heavy buying and clocked 102 per cent gains to list at Rs604.4.

The firm which runs the D-Mart supermarkets chain, reported a 47.6 per cent rise in its net profit at Rs174.77 crore for the quarter ended 30 June 2017. The company had reported a net profit of Rs118.44 crore in the corresponding quarter a year ago.

Its total income for Q1 stood at Rs3,598.13 crore, up 35.7 per cent, against Rs2,652.39 crore in the year-ago period.