Shares of Shoppers Stop soared nearly 6 percent in opening trade on December 18 after a large trade worth Rs 236 crore took place on the exchanges.
As much as 37.6 lakh shares of Shoppers Stop, making up a 3.4 percent stake in the company, changed hands in the large deal. The transaction was executed at an average price of Rs 628 per share, at par with Tuesday's closing price.
Moneycontrol could not immediately identify the buyers and sellers involved in the transaction. However, CNBC-TV18 reported that Amazon.com NV Investment Holdings exited the company by offloading its entire 4 percent stake worth through the transaction today. According to the reports, a clutch of foreign as well as domestic institutional investors were buyers in today's large deal.
At 09.24 am, shares of Shoppers Stop were trading at Rs 660 on the NSE. The large deal also triggered a spike in trading volumes in the counter. Around one lakh shares changed hands on the exchanges so far, already nearly double the one-month daily traded average of 52,000 shares.
Aside from today's gains, the stock has largely remained under pressure in the past three months, dropping over 23 percent amid persisting concerns over faltering urban demand.
Follow our market blog to catch all the live action
The company also reported a net loss of Rs 20.59 crore during the September quarter, marking a sharp downturn from the Rs 2.73 crore profit that it clocked in the same period last fiscal. The company's CEO Kavindra Mishra attributed the weak quarterly performance to subdued demand in Q2 due to fewer wedding dates, extended rains, and weak discretionary spending.
Revenue however, rose 7.3 percent on year to Rs 1,114.87 crore, up from Rs 1,039.12 crore in the same quarter of the preceding fiscal.
A month ago, the company also announced plans to venture into the quick commerce sector, aiming to offer deliveries of clothing, jewelry, bags, shoes, cosmetics, and home decor within three hours from its stores. This move is part of the department store chain's strategy to expand its market presence, as quick commerce grows rapidly, surpassing the expansion of e-commerce and modern retail formats.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
