Shoppers Stop up on investment in luxury beauty subsidiary

Shoppers Stop

24/11/2022 09:32

** Shares of household and consumer products retailer
Shoppers Stop Ltd  SHOP.NS  rise as much as 2.9% to 695 rupees,
highest since Nov. 16
    ** Co on Wednesday had invested 49.5 mln rupees (~$606,000)
in its luxury beauty subsidiary Global SS Beauty Brands Ltd via
subscription to rights issue 
    ** SHOP on track for third consecutive session of gains
    ** Nearly than 37,914 shares change hands by 0920 GMT vs
30-day avg of 135k shares
    ** Six of the 10 analysts covering the stock have a "buy" or
"strong buy" rating, 2 has "hold" while 2 rate it at "strong
sell"; median PT is 777.5 rupees - Refinitiv data
    ** Stock up 104% YTD up to last close
($1 = 81.6700 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))