Dollar Industries Jumps After Announcing 50% Sales Growth Target In South India
The company is bullish about capturing substantial stake in the South Indian market, it said.
Shares of Dollar Industries Ltd. jumped the most in nearly a month after the company said that it is aiming to achieve 50% sales growth in South India during the ongoing financial year.
The company plans to open 50 exclusive brand outlets across south India by 2027 and recorded the highest-ever revenue in 2023–24, according to a statement to the exchanges.
"We are extremely bullish and targeting to garner around 20% of our domestic revenue from South market," said Vinod Kumar Gupta, managing director at Dollar Industries said in a statement.
Shares of the company rose over 6%, the most since May 17. The stock pared gains later to trade 2.44% higher at Rs 572 apiece as of 10:56 a.m. This compares to a 0.74% rise in the NSE Nifty 50.
The stock has fallen 23.76% year-to-date and 191.90% in the last 12 months. Total traded volume so far today stood at 1.40 times its 30-day average. The relative strength index was at 53.47%.
Of the three analysts tracking the company, two maintain a 'buy' rating, and one suggests a 'hold' rating, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 16.1%.
