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Avenue Supermarts share price rose nearly 6% in Wednesday’s session
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Management plans expansion via new stores to counter quick commerce
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DMart Ready aims to deliver within three to six hours, not 30 minutes
Avenue Supermarts Ltd.'s share price advanced nearly 6% in Wednesday's session as the management is aiming to expand presence through new stores to counter quick commerce. During a conference call, the company said that it is already investing in cities where quick commerce is aggressive.
The company does not want to get into a 30-minute delivery as it values quality over fast-delivery. Hence, its DMart Ready will try to deliver in three-to-six hours, the management said.
Avenue Supermarts does not see any deterioration in finances because of the quick commerce, the management said.
Avenue Supermarts share price jumped 6% to Rs 4,239 apiece. It was trading 5.96% higher at Rs 4,236 as of 12:59 p.m., as compared to 0.18% advance in the NSE Nifty 50 index.
The stock declined 15.73% in 12 months, and 18.59% on year-to-date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 59.54.
Out of 31 analysts tracking the company, nine maintain a 'buy' rating, nine recommend a 'hold' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.8%.
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