Spencer Retail rallies after Radhakishan Damani picks 2% stake

Spencer Retail spurted 13.87% to Rs 84.95 after well-known investor and D-Mart promoter Radhakishan Damani's name appeared in latest shareholding pattern of the company.

The latest shareholding pattern of Spencer Retail showed Radhakishan S Damani holding 16,61,324 equity shares, or 2.09% equity, in Q3 December 2019.

Damani was not listed among the key shareholders in Q2 September 2019 shareholding disclosure.

In the past one month, the scrip surged 36.02%. On the technical front, the Spencer Retail stock's RSI (relative strength index) stood at 76.071. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading in between its 100-day moving average (DMA) placed at Rs 69.29 and its 200 DMA placed at Rs 89.54.

On a consolidated basis, Spencer Retail reported net loss of Rs 39.56 crore in Q2 September 2019 compared with net profit of Rs 5 lakh in Q2 September 2018. Net sales jumped 23.5% to Rs 699.48 crore in Q2 September 2019 over Q2 September 2018.

Kolkata-based Spencer's Retail is primarily engaged in developing, conducting, investing and promoting organized retail and operates departmental and neighborhood stores under various formats.

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