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.
Source: Et.retail.com,India
Wednesday, 04 October 2017