India's DMart operator Avenue Supermarts gains after upbeat Q1 results

Avenue Supermarts

15/07/2024 05:16

** Shares of India's Avenue Supermarts  AVEU.NS  rise as
much as 4.5% to 5,164 rupees before paring some gains 
    ** Operator of retail chain DMart posted 17.5% rise in Q1
profit over the weekend; shares last up ~1%  
    ** Brokerage Macquarie, which has an "outperform" rating on
the co, says Q1 in line 
    ** Pick-up in general merchandise drive belief in DMart's
ability to reverse apparel weakness - Macquarie 
    ** Operational metrics improved, Q1FY25 rev/store higher
than the same qtr over FY19-24, says Morgan Stanley 
    ** Morgan Stanley rates co "overweight"; avg rating of 23
analysts on the co "hold" - LSEG data
    ** At least 10 brokerages covering the stock raised PTs on
the company after results - LSEG data
    ** YTD stock had risen 21%

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))