D-Mart operator Avenue Supermarts' m-cap crosses Rs 1-trillion mark

The stock hit a new high of Rs 1,620, rallying 19% from its recent low of Rs 1,359 on May 23.

Shares of Avenue Supermarts, which owns and operates D-Mart stores, have crossed Rs 1-trillion market capitalisation (market-cap) on Monday after the stock price of the company hit new high on the BSE.

The stock hit a new high of Rs 1,620 on the BSE in early morning trade today, surpassing its previous high of Rs 1,606 recorded on May 31, 2018. On the same day, the company had briefly breached Rs 1 lakh crore in market-cap for the first time ever.

Avenue Supermarts with the market-cap of Rs 1.01 trillion stands 28th position in overall market-cap ranking at 09:32 am, the BSE data shows. The stock was trading 1% higher at Rs 1,609 as compared to 0.39% rise the S&P BSE Sensex.

Shares of Radhakishan Damani-led Avenue Supermarts have risen 19% from its recent low of Rs 1,359 on May 23, after the company announced that its promoter would pare his stake to comply with the shareholding norms.

On May 24, the company said Radhakishan Damani completed sale of 6.24 million shares, or 1%, of total equity of the company for achieving minimum public share holding. The name of the buyers not ascertained immediately.

Shares of D-Mart have been on an upswing since after the company debuted on the exchanges. The stock has risen 153% since listing on March 21, 2017 as compared to 21% rise in the S&P BSE Sensex. It zoomed as much as 441% from the issue price of Rs 299 offered at the time of its initial share sale.