Kotak Institutional Equities for sale Avenue Supermarts
Dmart shares rose more than 1% in open trading after falling for four straight sessions. The stock fell more than 10% between Jan. 7 and 13.
According to Kotak Institutional Equities, its December quarter revenue growth of 22% year-over-year was good, but not great in the context of a normal third quarter from a Covid perspective.
“GM and EBITDA margins were lower than expected at 14.9% and 9.6%, respectively, due to lower general merchandise sales. The addition of 17 stores in the third quarter was a surprise.
The brokerage said we lowered fiscal 2022 revenue by 1% due to lower sales in the fourth quarter, but maintained our fiscal 2023 guidance. Growth likely to slow further in December: Reuters poll
China’s export growth may lose more momentum in December as a key economic driver continues to weaken, while imports also slowed, with concerns over Omicron variables weighing on the demand outlook, a survey showed on Thursday.
Exports are expected to rise 20.0% in December from a year earlier, according to the median forecast of 29 economists polled, still strong but slowing from November’s 22.0% increase.
Imports are expected to rise 26.3% year-on-year, compared with 31.7% in November, the survey showed.
Customs authorities will release the data on January 14.
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