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Shares of Avenue Supermarts rose on strong Q3 results. The owner and operator of supermarket chain DMart stores' shares rose as much as 9 per cent to 1,263.80 rupees, its biggest intraday percentage gain since September, 2017.
The December quarter profit surged about 66 per cent to Rs 252 crore ($39.68 million).
HSBC analysts have upgraded the stock to 'buy', and has raised the price target to Rs 1,600 from Rs 900 saying results beat expectations and the company's "business model is formidable, scalable and a winning proposition for value-seeking consumers of India".
Revenue and earnings growth continued impressive momentum, led by strong same-store sales growth, revenue mix improvement and operating leverage, they say.
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