DMart retail chain owner Avenue Supermarts becomes 11th most valued Indian firm by market cap
Avenue Supermarts, which owns and operates retail chain DMart, on Wednesday became the 11th most valued Indian firm by market valuation following a rally in its share price
New Delhi: Avenue Supermarts, which owns and operates retail chain DMart, on Wednesday became the 11th most valued Indian firm by market valuation following a rally in its share price.
At the close of trade, the company's market capitalisation stood at Rs 1,58,902.37 crore on the BSE.
Shares of the company jumped 5 percent to close at Rs 2,453.05 -- its upper circuit limit -- on the BSE.
The company is ahead of Nestle India, Maruti Suzuki India, Asian Paints and HCL Technologies, among others, in terms of market capitalisation.
So far this year, the company's shares have climbed 33.44 percent.
Reliance Industries Limited is the country's most valued firm with a valuation of Rs 9,09,482.51 crore, followed by TCS at Rs 7,32,634.35 crore.
Avenue Supermarts had last week informed BSE that its board will meet on 23 May to consider and approve the financial statements for the quarter and the financial year ended March 2020.
The Mumbai-based company has a presence in over 200 locations through DMart stores.
Based on average employee costs of $25,000 per annum for India-based resources and $50,000 for US resources, the move will release around $100 billion in salaries and associated expenses
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