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D-Mart hits record high; m-cap swells to Rs 61,731 cr

D-Mart had issued shares at Rs 299 apiece in its initial public offering (IPO) in March

BS Reporter 

Radhakishan S Damani, founder, D-Mart, at the IPO listing ceremony of Avenue Supermarts in Mumbai on Tuesday. Photo: Suryakant Niwate
Radhakishan S Damani, founder, D-Mart, at the IPO listing ceremony of Avenue Supermarts in Mumbai on Tuesday. Photo: Suryakant Niwate

of Avenue Supermart, which owns and operates retail chain, on Wednesday, hit a record high of Rs 989 on the BSE. touched an intra-day high of Rs 999 and a close to Rs 250 crore were traded on the BSE and the National Stock Exchange (NSE). had issued at Rs 299 apiece in its (IPO) in March.
 
At Wednesday's closing price, the company was valued at Rs 61,731 crore. D-Mart's (m-cap) is higher than 13 companies' part of the benchmark 50. It overtook Tata Steel's on Wednesday.

 
Other components like Ambuja Cements, Hindalco, and are valued lower than Market players said could be soon included in benchmark indices such as the The move will be positive for the stock, as it will attract from exchange-traded funds.
 
D-Mart, however, has high promoter holding of 82.2 per cent, which could strict its weight in indices, where consider only free-float (non-promoter) holding.
 
Analysts say of are trading at rich valuations but the downside could be protected, thanks to low free-float, high-growth prospects and lack of other investment alternatives in the same space.

First Published: Thu, August 24 2017. 00:34 IST
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