Avenue Supermarts hits fresh all-time high on footfall recovery hopes

Shares of the retail giant gain 17 per cent over the last week

Shares of Avenue Supermarts, the operator of DMart supermarket chain, have gained close to 40 per cent in the last two months, as optimism over a vaccine rollout has fuelled expectations of increased footfall in the seasonally strong third quarter. 

DMart’s operations had come under pressure after the government announced a nationwide lockdown to curb the spread of coronavirus and customers resorted to non-traditional (online shopping) methods to fulfil their demand for essential products. Concerns over increased competitive intensity, especially from large e-commerce players, saw the company’s shares correct sharply.