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Shoppers Stop: Shoppers Stop may sell 51% stake in HyperCity shares surge

Shares of Shoppers Stop climbed nearly 7 per cent in early trade after reports that the company may sell 51 per cent stake in HyperCity to Future Group for about Rs 400 crore.The scrip was trading 6.06 per cent up at Rs 494.95 around 10.55 am (IST). Shares of the departmental store chain Shoppers Stop opened at Rs 470 and touched a high and low of Rs 497.80 and Rs 464.05, respectively, in trade so far. Benchmark BSE Sensexwas up 125 points, or 0.40 per cent, at 31,622 at around the same time.

For the quarter ended June 30, 2017, Shoppers Stop reported a net loss of Rs 3.72 crore against net loss of Rs 13.56 crore in the corresponding quarter last year. Net sales of the company jumped 22 per cent year-on-year to Rs 941.08 crore during the quarter under review. It had posted net sales of Rs 772.19 crore same quarter last year.The stock had hit 52-week high of Rs 540.25 on September 26, 2017 and 52-week low of Rs 265 on December 28, 2016.


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