V-Mart Retail zooms 20% as DMart's IPO opens for subscription

In past two months, the stock appreciated by 84% as compared to 8.4% rise in Sensex.

Shares of V-Mart Retail hit the upper circuit of 20% at Rs 873, also its new high on the BSE, as the initial public offering (IPO) of Avenue Supermarts which operates retail supermarket chain DMart open for subscription today. CLICK HERE TO READ FULL REPORT

In past two months, the stock has outperformed the market by surging 84% as compared to 8.4% rise in the S&P BSE Sensex. As many as 900,524 shares changed hands on the BSE and NSE till 03:15 pm. There were pending buy orders for 46,438 shares on both the exchanges.

V-Mart is a medium-sized hypermarket format retail chain based in New Delhi. The company primarily operates in Tier-II and Tier-III cities with a chain of value retail departmental stores offering apparels general merchandise and kirana catering to the entire family.

V-Mart had reported 27% year on year (YoY) growth in its net profit at Rs 34.53 crore in first nine months (April to December) of financial year 2016-17. The company posted profit of Rs 27.63 crore in the entire previous financial year 2015-16.

V-Mart on Tuesday informed the exchange that the company has opened 2 new stores in the state of Uttar Pradesh & Bihar. Both the stores are fashion stores. With this the tally of Uttar Pradesh is increased to 59 stores and Bihar is increased to 30 stores. This takes the total number of stores to 140 Stores in 120 Cities across 14 states, with 37 composite stores & 103 fashion stores with a total area of approx. 11.86 lakhs sq. ft.