Avenue Supermarts shares trim most of early gains to settle nearly 1% higher

New Delhi: Shares of Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, erased most of the early gains to end nearly 1 per cent higher on Monday.

During the morning deals, the stock climbed more than 4 per cent after the company reported a 17.45 per cent rise in consolidated net profit for the June quarter.

The stock went up by 4.29 per cent to Rs 5,166.10 in intra-day deals on the BSE. But, it failed to extend the rally and ended at Rs 4,987.10, up 0.68 per cent.

At the NSE, it rallied 4.45 per cent to Rs 5,164 apiece during the day. Shares of the firm later ended at Rs 4,990, reflecting a gain of 0.93 per cent.

Avenue Supermarts Ltd on Saturday reported an increase of 17.45 per cent in consolidated net profit at Rs 773.68 crore for the June quarter, helped by improvement in sales from general merchandise and apparel.

The company had posted a net profit of Rs 658.71 crore in the April-June period a year ago, according to a regulatory filing.

Its revenue from operations grew 18.57 per cent to Rs 14,069.14 crore during the quarter under review against Rs 11,865.44 crore in the corresponding quarter last fiscal.

Avenue Supermarts' total income was Rs 14,110.74 crore, up 18.54 per cent in the June quarter.