Dmart Share Price Soars to 52-Week High
Under the leadership of Radhakishan Damani, Avenue Supermarts’ share was in focus during business on Thursday. The company’s share price surged by 5.6% to reach a 52-week high of 4,710.15. The market capitalization of the company has also crossed ₹3 lakh crore.
Reasons Behind the Surge
One of the major reasons for this surge in share price is the strong growth seen in the business of Avenue Supermarts in the fourth quarter of FY24. The company reported standalone revenue of ₹12,393.46 crore for the quarter ending March 2024, showing a growth of almost 20% from the same quarter last year.
Operational Performance
In the March quarter, the company’s per-store revenue increased by 7% and the number of stores grew by 13% year-on-year. Avenue Supermarts now operates close to 365 stores.
Analyst Ratings
CLSA has given a buy rating to Avenue Supermarts led by Radhakishan Damani with a target price of ₹5,107 per share. Motilal Oswal has set a target of ₹4,700 per share. The share price of Dmart has increased by more than 20% in the last month and by over 30% in the past year.
Shareholding Pattern
As per Bloomberg Billionaires Index, there has been an increase in Radhakishan Damani’s wealth. As of December 31, Radhakishan Shivkishan Damani held 23.03% stake in Dmart with 14,98,48,238 shares. His wife, Shrikantdevi Radhakishan Damani, holds a 1% stake in Avenue Supermarts with 65,00,000 shares, while his brother, Gopikishan Shivkishan Damani, holds a 5.60% stake with 3,64,69,012 shares.
At the end of December quarter, promoters and promoter group held a total of 74.65% stake in Avenue Supermarts. Shareholding pattern for the March quarter will be released soon.
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