Shares of Spencer Retail surged over 11 percent in the morning session on January 17 after the company forayed into hypermarket format.
Spencer's Retail Ltd on Monday announced opening a new format chain 'Spencer's Value Market' that targets value-conscious consumers. Part of the RP-Sanjiv Goenka Group, the retailer will open the new stores in six South Indian cities this month.
The retailer has around 185 stores that cater to mid to premium segments.
"Spencer's Value Market is a new-age hypermarket serving modern, well-informed and value-conscious customers. Value Market is all set to launch at six location namely, Karimnagar, Warangal, Kurnool, Guntur, Bhimavaram & Vijayanagaram between January 16-23," Group's Head- Retail & FMCG, Shashwat Goenka said.
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"We hope to open 10 stores by March this year and gradually expand to other locations in due course. The new stores will be smaller and between 8,000-12,000 square feet," an official said.
In the first half of FY23, ended September, Spencer's Retail reported a consolidated revenue of Rs 1,270 crore and a loss of Rs 87 crore.
At 9:42am, Spencer Retail was quoting at Rs 72.05, up Rs 7.80, or 12.14 percent, on the BSE. It has touched an intraday high of Rs 72.20 and an intraday low of Rs 64.80. The scrip was trading with volumes of 55,275 shares, compared to its five-day average of 16,641 shares, an increase of 232.16 percent.