Electronics Mart India jumps on store expansion plans

Electronics Mart India

13/01/2023 08:15

** Shares of Electronics Mart India  ELEO.NS  rise as much
as 5.76%, most in nearly three weeks, to 86.25 rupees
    ** The electronics retailer plans to launch 18 stores in
FY23 and 20 in FY24; earmarks annual capex of 450-500 mln rupees
    ** Systematix Institutional Equities says ELEO's clear focus
on premium products, retailing of top brands, dominance in
Andhra Pradesh and Telangana bodes well for growth
    ** Systematix says other positive factors are reasonable
valuation, strong growth visibility, stable margins and return
ratios
    ** Trading volume is 2.16 mln shares as of 1:40 p.m. IST,
1.7x the 30-day avg of 1.26 mln shares
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))