India's Shoppers Stop jumps 6% on posting Q4 profit

Shoppers Stop

27/04/2023 05:11

** Shares of Shoppers Stop Ltd  SHOP.NS  rise as much as
6.1% to 655 rupees, hitting their highest since Feb. 13
    ** Department store operator swings to consol net profit in
the March-qtr at 142.6 million rupees ($1.75 million) compared
to a loss of 158.5 million rupees a year earlier
    ** Profit helped by strong demand for beauty products and
higher margin private-label clothing 
    ** Average selling prices rose by 9%; rev from ops climbed
nearly 30% to 9.24 billion rupees
    ** Stock crosses 50-day moving average, marks its sharpest
intraday pct gain since April 20
    ** More than 151,610 shares change hands by 9:27 a.m. IST,
1.7x the 30-day avg of 88,150 shares
    ** Six of the 11 analysts covering the stock have a "buy" or
higher rating, three have "hold" while two rate it at "sell" or
lower; median PT is 750 rupees - Refinitiv data
    ** Stock down ~13% so far this year, up to last close



($1 = 81.6800 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)