Shares of retail players such as Vishal Mega Mart, V2 Retail and Baazar Style Retail surged in trade on January 3, as the market sentiment turned optimistic following positive Q3 updates, as well as a rub-off effect from retail giant Avenue Supermarts' business update for the quarter ended December.
After a lackluster Q2, DMart's update for the October-December period brought a lot of cheer to the markets, with many investors pencilling expectations of a similar performance for its peers.
At 11.40 am, Baazar Style shares were quoting Rs 342.95 on the NSE, up 7.6 percent, while V2 Retail was locked at its 5 percent upper circuit at Rs 1,728.8. Newly listed Vishal Mega Mart's stock was up 5.8 percent at Rs 113.56 apiece. However, V-Mart Retail gave up its intraday gains to quote Rs 3,875 on the NSE, higher by 0.3 percent.
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V2 Retail, which runs 150 stores across 112 cities in 17 states, shared a robust update for the September quarter. The company's revenue jumped 58 percent year-on-year, with Same Store Sales Growth rising by nearly 25 percent compared to the same period last year.
In the first nine months of this financial year, V2 Retail added 45 new stores. Monthly sales per square foot improved to Rs. 1,219, up from Rs. 1,085 a year ago.
Meanwhile, competitor V-Mart Retail posted a 16 percent revenue increase in the December quarter, with Same Store Sales Growth at 10 percent.
DMart reported a standalone revenue from operations at Rs 15,565.23 crore, higher by 17.5 percent on-year compared to Rs 13,247 crore in the same period a year-ago. The total number of stores as of December 31, 2024 stood at 387.
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