Shankara Building Products hits peak after opening store

Shankara Building Products rose 3.08% to Rs 2,187.90 at 14:45 IST on BSE after the company announced the opening of its 123rd store under the 'Shankara Buildpro' brand at Kundanahalli gate, Bangalore.

The store admeasures around 8,399 square feet and houses a diverse basket of product offerings.

The announcement was made after market hours on Friday, 1 December 2017.

Meanwhile, the S&P BSE Sensex was down 12.84 points or 0.04% at 32,820.10. The S&P BSE Mid-Cap index fell 72.51 points or 0.43% at 16,684.76, underperforming the Sensex.

More than usual volumes were witnessed on the counter. On the BSE, 73,286 shares were traded on the counter so far as against the average daily volumes of 46,918 shares in the past one quarter. The stock had hit a high of Rs 2,221.85 in intraday trade, which is also its record high. The stock had hit a low of Rs 2,085.05 so far during the day. The stock had hit a record low of Rs 545 on 5 April 2017.

The stock had outperformed the market over the past one month till 1 December 2017, jumping 42.38% compared with the Sensex's 2.28% decline. The stock had also outperformed the market over the past one quarter, surging 73.54% as against the Sensex's 2.95% rise.

Shares of the company were listed on the bourses on 5 April 2017.

The mid-cap company has equity capital of Rs 22.85 crore. Face value per share is Rs 10.

On consolidated basis, Shankara Building Products' net profit rose 28% to Rs 17.32 crore on 5.1% decline in net sales to Rs 571.62 crore in Q2 September 2017 over Q2 September 2016.

Shankara Building Products is one of the leading organized retailers of home improvement and building products in India based on number of stores, operating under the brand name 'Shankara Buildpro.

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