Shares of Dollar Industries Ltd. jumped the most in nearly a month after the company said that it is aiming to achieve 50% sales growth in South India during the ongoing financial year.
The company plans to open 50 exclusive brand outlets across south India by 2027 and recorded the highest-ever revenue in 2023–24, according to a statement to the exchanges.
"We are extremely bullish and targeting to garner around 20% of our domestic revenue from South market," said Vinod Kumar Gupta, managing director at Dollar Industries said in a statement.
Shares of the company rose over 6%, the most since May 17. The stock pared gains later to trade 2.44% higher at Rs 572 apiece as of 10:56 a.m. This compares to a 0.74% rise in the NSE Nifty 50.
The stock has fallen 23.76% year-to-date and 191.90% in the last 12 months. Total traded volume so far today stood at 1.40 times its 30-day average. The relative strength index was at 53.47%.
Of the three analysts tracking the company, two maintain a 'buy' rating, and one suggests a 'hold' rating, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 16.1%.
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