January 29, 2018 / 6:14 AM / a month ago

BUZZ-India's Avenue Supermarts rises on strong Q3 results

** Owner and operator of supermarket chain DMart stores’ shares rise as much as 9 pct to 1,263.80 rupees, its biggest intraday pct gain since September, 2017

** Dec-qtr profit surges about 66 pct to 2.52 bln rupees ($39.68 mln)

** HSBC analysts upgrade to ‘buy’, raise PT to 1,600 rupees from 900 rupees saying results beat expectations and co’s “business model is formidable, scalable and a winning proposition for value-seeking consumers of India”

** Revenue and earnings growth continued impressive momentum, led by strong same-store sales growth, revenue mix improvement and operating leverage -HSBC ($1 = 63.5150 Indian rupees)

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