India's Shoppers Stop rises on quarterly profit jump

Shoppers Stop

24/01/2023 04:25

** Shares of household and consumer products retailer
Shoppers Stop Ltd  SHOP.NS  up as much as 3.7% to 691.95 rupees,
their biggest intra day pct gain since Jan. 9
    ** Stock at highest level since Jan. 19
    ** Co on Monday said its Dec-qtr net profit rose 24% YoY to
620.6 mln rupees ($7.60 million), propelled by festive season
sales and an uptick in demand for luxury products
    ** Shopper Stop's revenue from operations for the qtr ended
Dec. 31 rose 19% YoY to 11.32 bln rupees
    ** SHOP plans to open five more department stores and four
beauty stores in seven cities by the end of current fiscal year
    ** Over 38,100 shares change hands by 09:41 a.m. IST, 0.8x
the 30-day moving avg
    ** Six of the 11 analysts covering the stock have a "buy" or
"strong buy" rating, three suggest "hold" while two rate it at
"sell" or "strong sell"; median PT is 760 rupees - Refinitiv
data
    ** Stock rose ~114% last year
($1 = 81.6720 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))