V-Mart Retail shares gain up to 10% in reaction to Q2 business update

Shares of V-Mart Retail Ltd. gained over 10% on Friday, October 3, after the company reported its second quarter business update after market hours on Wednesday.

The stock markets were closed on Thursday, on account of Dussehra.

V-Mart Retail said its total revenue from operations increased by 22% in the September quarter to ₹807 crore from ₹661 crore in the year-ago period.

Its same store sales growth (SSSG) was 11% for the quarter under review, with both the V-Mart and Unlimited formats contributing equally.

It opened 25 new stores and closed two underperforming ones, taking the total store count to 533, as of September 30. The new stores include five in Karnataka, five in Bihar and Uttar Pradesh each, two in Jharkhand and West Bengal each and one in Jammu and Kashmir and the other in Maharashtra.

Shares of V-Mart Retail extended their gains for the third consecutive day on Friday, gaining 10.4% to hit an intraday high of ₹802 apiece on Friday. The stock has cooled off from opening highs and are currently trading 6.5% higher at ₹677.3.

Also Read: PTC Industries shares gain as much as 9% after major contract; Goldman Sachs bullish