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Wednesday, May 18, 2022
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Buzzing Stocks: Shoppers Stop Shares Zoom 20 Per Cent, Havells India Shares Tumble 14 Per Cent

The retail chain on Wednesday reported narrowing of its consolidated net loss to Rs 3.68 crore for the September quarter, helped by a comeback in sales.

Buzzing Stocks: Shoppers Stop Shares Zoom 20 Per Cent, Havells India Shares Tumble 14 Per Cent
Buzzing Stocks: Shoppers Stop Shares Zoom 20 Per Cent, Havells India Shares Tumble 14 Per Cent
outlookindia.com
2021-10-21T12:31:05+05:30

Shares of Shoppers Stop on Thursday zoomed nearly 20 per cent after the company reported narrowing of its consolidated net loss to Rs 3.68 crore for the September quarter.

On BSE, the stock after opening the trade in the green further jumped 19.71 per cent to its 52-week high of Rs 335.85.

It zoomed 19.74 per cent to its 52-week high of Rs 336 on NSE.

The retail chain on Wednesday reported narrowing of its consolidated net loss to Rs 3.68 crore for the September quarter, helped by a comeback in sales. The company had posted a net loss of Rs 97.70 crore in the July-September period a year ago, Shoppers Stop said in a regulatory filing.

Revenue from operations rose over two-fold to Rs 642.07 crore from Rs 296.98 crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 714.25 crore, up 45.06 per cent from Rs 492.36 crore earlier.

Shoppers Stop MD and CEO Venu Nair said, "The demand postponement triggered by the second wave of the pandemic witnessed a strong comeback in Q2."

Meanwhile, Havells India’s shares on Thursday tumbled 14 per cent after the company reported 7.34 per cent decline on Wednesday in its consolidated net profit to Rs 302.39 crore for the quarter ended on September 30, 2021, compared to Rs 326.36 crore in the year-ago quarter.

The stock tanked 9.99 per cent to Rs 1,264.85 on BSE. On NSE, it tumbled 13.96 per cent to Rs 1,210.30.

Its revenue from operations rose by 31.65 per cent to Rs 3,238.04 crore during the period under review as against Rs 2,459.49 crore in the corresponding period of the last fiscal.

(With PTI Inputs)

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