Indian retailer DMart gains as CLSA starts with 'buy'

Avenue Supermarts

21/03/2024 07:48

** Shares of DMart-parent Avenue Supermarts  AVEU.NS  rise
4.5% to 4,238 rupees, highest since Nov 2022
    ** CLSA initiates coverage with "buy" and Street-high PT of
5,107 rupees
    ** Brokerage notes DMart's low prices have been a key
competitive advantage allowing it to gain market share in
grocery retail between 2014-2023
    ** Sees potential for over 7,000 DMart stores in urban India
in the next 25 years from 341 currently
    ** Over 846k shares traded, 2.4x the 30-day avg
    ** Avg rating of 24 analysts on AVEU is "hold"; median PT is
4,082 rupees - LSEG data
    ** Stock up over 6% so far in March, on pace for best
monthly gain since Nov

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))