Avenue Supermarts m-cap surges past Rs 50,000 cr mark
New Delhi: Shares of Avenue Supermarts, the operator of retail chain D-Mart, rose by 7.5 per cent in intra-day trade today, helping its market valuation surge past Rs 50,000 crore mark.
The scrip of newly-listed firm gained 3.33 per cent to end at Rs 775.50 on BSE. During the day, it soared 7.5 per cent to Rs 806.80.
At intra-day high level, the company's market valuation rose to Rs 50,351 crore but later pared some of the gains and its m-cap stood at Rs 48,397.75 crore at close.
On NSE, shares of the company jumped 3 per cent to settle at Rs 774.10.
In terms of volume, 26 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
Since its blockbuster debut on stock market on March 21, the stock has gained 21 per cent so far.
Shares of Avenue Supermarts made a remarkable debut on bourses by soaring over 114 per cent against the issue price of Rs 299.
The IPO, the biggest since PNB Housing Finance's Rs 3,000 crore offer in October last year, was subscribed more than 104 times last month.
D-Mart is owned and operated by Avenue Supermarts Ltd (ASL) - a company founded by Radhakishan Damani.
The gains in shares of Avenue Supermarts have also boosted personal fortune of Damani who had joined top billionaires club of the country with the company's listing on bourses.
In addition to Mumbai, D-Mart has multiple stores in cities such as Ahmedabad, Baroda, Bengaluru, Hyderabad, Pune and Surat.
With this, the company is ahead of Tata Steel and Cipla whose m-cap stood at Rs 48,118.87 crore and Rs 47,349.44 crore, respectively.