V2 Retail vaults 18.5% in six sessions

V2 Retail was locked at 5% upper circuit at Rs 135.15 at 15:00 IST on BSE, with the stock extending recent strong gains.

Shares of V2 Retail jumped 18.5% in six sessions, to its current ruling price of Rs 135.15, from its close of Rs 114.05 on 3 January 2017.

Meanwhile, the S&P BSE Sensex was up 235.72 points or 0.89% at 27,139.56.

More than usual volumes were seen traded on the counter. On the BSE, 68,727 shares were traded in the counter so far as against average daily volume of 29,479 shares over the past one quarter. The stock had hit a high of Rs 135.15 and a low of Rs 130 so far during the day. The stock had hit a 52-week high of Rs 163.45 on 4 November 2016. The stock had hit a 52-week low of Rs 41.50 on 29 February 2016.

The small-cap company has equity capital of Rs 28.89 crore. Face value per share is Rs 10.

On 7 January 2017, V2 Retail had announced board of directors' decision to allot 20.35 lakh shares to Bennett Coleman And Company, other than promoter and/or promoter group pursuant to exercise of option against warrant up to the value of Rs 16.24 crore at a price of Rs 79.85 including premium of Rs 69.85 each.

The board on that day had also accepted resignation of Manshu Tandon, Chief Executive Officer of the company with effect from 31 December 2016.

V2 Retail's net profit jumped 657.1% to Rs 1.59 crore on 56.4% rise in net sales to Rs 103.19 crore in Q2 September 2016 over Q2 September 2015.

V2 Retail is one of the fastest growing retail groups in India.

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