Avenue Supermarts zoomed nearly 12% in eight trading sessions from its previous closing low of Rs 3,933.35 posted on 8 September 2021. The counter hit a record high of Rs 4,450 in intraday today. The stock has surged 251% from its 52-week low of Rs 1,949.30 recorded on 19 October 2020.
Avenue Supermarts is the owner and operator of D-Mart stores. In last one month, the stock has moved 20.5% higher as compared to a 6.1% rise in Nifty 50 index.
On the technical front, the stock’s RSI (relative strength index) stood at 90.895. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 3688.73 and 3410.66 respectively. These levels will act as crucial support zones in near term.
D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. As of 30 June 2021 the company has 238 stores with Retail Business Area of 9.01 million sq. ft.
On a consolidated basis, Avenue Supermarts posted a 137.9% jump in net profit to Rs 95.36 crore on 33.5% rise in net sales to Rs 5,183.12 crore in Q1 FY22 over Q1 FY21.
Powered by Capital Market – Live News
(Follow Money9 for latest Personal finance stories and Market Updates)
The economy is recovering but GDP is expected to be only slightly larger than it was in pre-pandemic 2019-20.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.
There is a need to continuously facilitate trade and industry and provide thrust to the growth promising sectors of Indian economy.