Avenue Supermarts, which runs a chain of retail stores under the D-Mart brand, rallied 5% to Rs 699, extending its Thursday’s 5% gain on the BSE after rating agency CRISIL upgraded ratings on the bank facilities of the company.
The stock is trading at its highest level since listing on March 21 this year.
Avenue Supermarts on Thursday said that the credit rating agency CRISIL has upgraded its ratings on the long-term bank facilities and non-convertible debentures of the company to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Positive’.
“Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk,” CRISIL said in a letter dated April 4, 2017. CLICK HERE TO READ FULL DETAILS
Shares of Avenue Supermarts debuted on the stock exchanges at a nearly 115% premium to its initial public offer (IPO) price of Rs 299.
With a market capitalization (m-cap) of Rs 43,246 crore, Avenue Supermarts is currently stands at number 63rd position in overall m-cap ranking. The company surpasses state-owned company Bharat Heavy Electricals Limited (BHEL), drug maker Aurobindo Pharma and Tata Group firm Titan Company since it listing.
At 10:41 am; the stock was up 4.5% at Rs 694 on BSE, as compared to 0.18% decline in the S&P BSE Sensex. A combined 3.68 million shares changed hands on the counter on BSE and NSE so far.
