Kolkata: On a day when both Sensex and Nifty were dragged by since trade began on January 3, the Avenue Supermarts share (NSE: DMART) stole the show, by rising as much as 11.55% after midday. The jump was by Rs 416.95 and the price of the scrip touched Rs 4,028.05.
Analysts pointed out that shares of retail firms were rising during the day. Vishal Mega Mart (NSE: VMM) jumped 4.82%, or gained Rs 5.18, and touched Rs 112.54 after midday. The V2 Retail (NSE: V2RETAIL) stock jumped Rs 82.30, or 5.00%, and reached Rs 1,728.85. The shares of Baazar Style Retail (NSE: STYLEBAAZA) went up 7.33% (or Rs 23.35) and reached Rs 342.00 at the same time.
What explains the jump
Analysts said the market sentiment turned positive for these shares after their bright updates for Q3 (October-December 2024). Another bright spark was the positive rub-off retail giant Avenue Supermarts’, which announced optimistic Q3 updates. The prices of these shares were looking up from the morning on Friday. Around 11.40 am, Baazar Style shares were trading at Rs 342.95, or up 7.6% on NSE. At the same time V2 Retail scrip was locked at the 5% upper circuit – the price level being Rs 1,728.8. The stock of Vishal Mega Mart, which recently floated its IPO surged 5.8% and was trading at Rs 113.56.
According to corporate announcement, DMart came up with a revenue from operations at Rs 15,565.23 crore. This figure was a sharp 17.5% higher compared to Rs 13,247 crore in the corresponding period last year. It had 387 outlets at the end of 2024. V2 Retail has 150 stores in 112 cities. It too announced strong updates for the September quarter, where its revenue zoomed 58% (y-o-y). The comparative figure was 25% in the same period last year.
Around 1 pm Nifty was at 24,110.00, down 78.65 points or 0.33%. Sensex was down by 0.47%, or by 370.02 points and was trading at 79,573.46 points.
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Following robust financial updates, the shares of retail companies such as Avenue Supermarts, Vishal Mega Mart, V2 Retail and Baazar Style Retail rose by significant extents against the overall mood in the broad indices of Sensex and Nifty. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
