Avenue Supermarts Overtakes SBI, Nestle India In Market Cap

Based on Wednesday's closing price, Avenue Supermarts, which owns and operates retail chain DMart, has become the 11th most valued Indian firm by market valuation after a rally in its share price.

At close of trade on Wednesday, the company's market capitalisation stood at Rs 1,58,902.37 crore on the BSE after shares of the company hit a 5 percent upper circuit limit to close at Rs 2,453.05 apiece.

On Thursday, shares of the supermarket chain continued its rally touching an intraday high of Rs 519.95.

Avenue Supermarts is ahead of Nestle India, Maruti Suzuki India, Asian Paints and HCL Technologies, among others, in terms of market capitalisation. Earlier this week it overtook the State Bank of India (SBI) in valuation.

So far this year, the company's shares have climbed over 33 percent.

Last week, Avenue Supermarts informed the stock exchanges 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 presence in over 200 locations through DMart stores.

Meanwhile, Reliance Industries Limited (RIL) is the country's most valued firm with a valuation of Rs 9,09,482.51 crore, followed by TCS (Tata Consultancy Services) and HDFC Bank.