Shopper’s Stop which had closed yesterday at Rs.240.80, opened today morning at Rs.244.90 and went on to hit an intraday high at Rs.254.55, on the back of a robust 4-times surge in volume.
The stock price rose after the company announced that it has sold off its entire stake in wholly owned subsidiary, Crossword Bookstores, as a strategy to exit all non-core businesses.
It has sold it to its franchisee, the Agarwal Book House, Pune, for Rs.42 crore.
At the Board Meeting of the Company held on August 311 2021, the Board has approved the transaction. Subject to receipt of necessary consents, Shoppers Stop shall divest 51% stake (expected to be completed within 15 days) and another 39% in the next 12 months
The stores, in Q1, had operated for a mere 28 days and it posted a 105 crore, down from loss of Rs.120 crore (YoY).