D-Mart hits new high; shares surge 18% in weak market on heavy volumes

The stock hit a new high of Rs 1,124 on NSE in intra-day trade, rallied 75% since listing on March 21 and 276% against IPO price of Rs 299 per share

Shares of Avenue Supermarts, which owns and operates D-Mart retail chain, on Tuesday, hit a new high of Rs 1,218, up 18% on the National Stock Exchange (NSE) in intra-day trade in an otherwise weak market on heavy volumes.

At 1:38 am, the stock was trading 17% higher at Rs 1,209, as against rangebound movement on the Nifty50 index. The trading volumes on the counter nearly doubled with a combined 1.5 million shares changed hands on the NSE and BSE so far.

According to media reports, the global financial services firm Goldman Sachs initiated coverage of the stock