Shares of Avenue Supermarts were gaining on Wednesday after the operator of DMart said it had added one more store to its growing number of physical outlets.

What Happened: Avenue Supermarts announced the opening of a new store in Bengaluru, bringing the total number of stores to 366.

Recently, the company reported a 20% increase in standalone revenue to ₹12,393 crore in the final quarter of FY24.

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Analysts Upbeat: Morgan Stanley has maintained its “overweight” rating on the stock with a target price of ₹4,695, which has already been exceeded.

Many more brokerages have expressed optimism about DMart's prospects. CLSA raised the stock's target price twice within a week in March, maintaining its "buy" recommendation, while ICICI Securities upgraded the stock to "add". 

The bullish outlook is underpinned by factors such as DMart's attractive valuation, minimal downside and business risks, accelerated pace of store expansions and consistent revenue growth.

Price Action: Avenue Supermarts’ share price was up 1.8% at ₹4,801.20 in morning trade on Wednesday.

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