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Avenue Supermart: Avenue Supermart shares wipe out early profits.8% or more falls at the end of the transaction

New Delhi: Shares on Avenue Supermart on Monday wiped out all initial gains, dropping more than 8%.
In the morning trading, shares surged nearly 11% after the company reported that consolidated net income for the second quarter, which ended in September, doubled.
The stock, which rose 10.69 percent during its initial trading at BSE to a 52-week high of Rs 5,899.90, later faced profit taking and fell 8.16 percent to close at Rs 4,894.90.
The NSE settled at Rs 4,920, down 7.58%, after rising 10.82% to a 52-week high of Rs 5,900 in the morning trading.
Avenue Supermarts, which owns and operates retail chain D-Mart, reported on Saturday that consolidated net income for the second quarter, which ended in September, doubled to 417.76 rupees.
Avenue Supermarts said in a BSE filing that the company posted a net profit of Rs 198.53 in the July-October quarter a year ago.
Operating revenue increased 46.79% to Rs 7,788.94 during the quarter, compared with Rs 5,306.20 in the corresponding quarter of the previous fiscal year.
Total expenses were Rs 7,248.74, an increase of 43.63% in the second quarter of 2021-22, compared to Rs 5,046.69 in the year-ago quarter.
“Total sales in the first half of 2010 were 12,972 rupees, compared to 9,189 rupees in the same period last year,” the company said.



Avenue Supermart: Avenue Supermart shares wipe out early profits.8% or more falls at the end of the transaction

Source link Avenue Supermart: Avenue Supermart shares wipe out early profits.8% or more falls at the end of the transaction

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