India's Aditya Vision and Electronics Mart rise after Nuvama initiates coverage with 'buy'

Aditya Vision

28/11/2024 05:20

** Shares of consumer electronics retailers Aditya Vision
 ADIV.NS  and Electronics Mart India  ELEO.NS  up 3.12% to 475.5
rupees and 5.46% to 181.84 rupees 
    ** Nuvama initiates coverage of both cos with "Buy" 
    ** India's electronic retailing is very localized but it is
difficult to dethrone an incumbent once it achieves critical
sale- brokerage
    ** Both Telangana-based ELEO and Bihar-based ADIV are
competitors in the same retail segment but have pursued
divergent and effective growth strategies, targeting
non-overlapping markets- Nuvama
    ** Trading vols- 1.35 mln ELEO shares changed hands as of
10:30 AM IST, 1.4x the 30-day avg 
    ** More than 96,000 ADIV shares changed hands as of 10:30
AM, 0.8x the 30-day avg
    ** YTD, shares of ELEO down 10.4% and ADIV up 6.96% 
     
     
     

(Reporting by Ananta Agarwal in Bengaluru)
((Ananta.Agarwal@thomsonreuters.com))