Store One Retail surges on stellar Q2 performance

To meet its additional funding requirements, the board has approve to raise around Rs 100 crore by issuing shares to promoters on preferential basis.

Store One Retail India has surged 17% to Rs 39 on back of heavy volumes after reporting two-fold jump in net profit at Rs 10.53 crore for the quarter ended September 2012.

The company engaged in department stores business had profit of Rs 5.17 crore in previous year quarter. Total income from operations grew 29% at Rs 21.90 crore on year-on-year basis.

The company reported profit of Rs 19.03 crore for April-September period, has surpassed its entire previous fiscal net profit of Rs 11.83 crore in first six months.

Meanwhile, to meet its additional funding requirements, the board has decided to raise around Rs 100 crore by issuing shares to promoters on preferential basis.

 

The stock opened at Rs 35.25 and hit a high of Rs 39.80 on the BSE. A combined 140,000 shares have already changed hands on the counter in early morning deals against an average sub 100,000 shares that were traded daily in past two weeks.