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V2 Retail soars 70% in twelve days

Capital Market 

V2 Retail gained 2.61% to Rs 86.50, extending its winning run to twelfth consecutive trading session.

Shares of V2 Retail have rallied 70% in twelve trading days from its previous closing low of Rs 50.90 on 12 November 2020. The stock is up nearly 175% from its 52-week low of Rs 31.50 posted on 25 March 2020. It hit a 52-week high of Rs 127 on 22 January 2020.

The stock was in demand after the company reported Q2 September 2020 results after market hours on 11 November 2020. On a standalone basis, the company reported a net loss of Rs 7.32 crore in Q2 September 2020 from Rs 10.45 crore in Q2 September 2019. Net sales declined nearly 44% to Rs 85 crore in Q2 September 2020 over Q2 September 2019. The company's gross margin improved to 31.8% in Q2 September 2020 from 27.7% in Q2 September 2019.

V2 Retail on 1 December 2020 announced that it has opened two new retail stores in Gorkhapur (Uttar Pradesh) and Nimapada (Orissa). With two new stores, the company operates 85 retail stores.

Meanwhile, Bennett Coleman & Company sold 4.50 lakh shares, or 1.32% equity, in V2 Retail on 27 November 2020 at an average price of Rs 84.30 via bulk deal on BSE.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 01 2020. 10:52 IST