Pantaloon jumps on Diwali sales

DALAL STREET SPIKES

Pantaloon Retail India surged by 11.75 per cent to close at Rs 265.40, after posting an 87 per cent annual growth in Diwali sales in its value retail formats – Big Bazaar and Food Bazaar — its highest growth in three years.

According to the company’s latest investor update, it has reported sales of Rs 455.34 crore in October this year, as against Rs 243 crore it posted in October 2007.

The stock opened 2.10 per cent higher at Rs 242.50 (the low of the day) and hit an intraday high of Rs 279. However, the counter saw trading volumes of 44,827 shares, a fifth of its two-week average.