Shoppers Stop’s to go ahead with investment plans

Fashion and lifestyle retail chain Shoppers Stop will pursue its expansion plans despite slackening sales and credit crunch following global economic meltdown, a top company official said.

“The next three-four quarters are not going to be the best of quarters and India cannot isolate itself from what is happening in the world. But there is no change in our investment and expansion plans,” Shoppers Stop Managing Director B S Nagesh said in Mumbai. The retail chain in April announced plans to infuse Rs 1,000 crore for expanding its existing store space of 1.3 million square feet to 2.7 million square feet over the next 3-4 years. “All our prior investment plans are in process, based on delivery,” Nagesh said, adding “yesterday, we inaugurated an outlet at Vashi (near Mumbai). In two weeks, we plan to open another in Jaipur”.

On the company’s joint venture with the Nuance Group, Nagesh said the Rs 25-crore airport retail joint venture was now operational at both Hyderabad and Bangalore. Measures taken by the government so far and the Reserve Bank of India, and more that would ensue, would reinstate investor confidence, he said.

Sources :- The Financial Express

Sensex sheds over 500; Retail stocks remain red

Yet another bad day for markets. The 30-share benchmark index Sensex opened with a negative gap of 228 points at 10,455 following negative cues from the global markets. Unabated selling in every segment of the stocks saw the index slip deeper into red as the day progressed. Sensex shut shop at 10169, down 513 points and Nifty at 3065, down 169 points from the previous close.

Meanwhile, some of the stocks at BSE saw new 52-week lows. CNX Midcap index was down 3.51 per cent and BSE Smallcap index was down 2.02 per cent. The market breadth was negative with advances at 287 against declines of 965 on the NSE. Top Nifty gainers included ITC and Hindustan Unilever while losers included Idea, Tata Steel and Unitech.

Retail stocks: Movers and shakers

Pantaloon Retail
Day’s close: Rs 223.25
Change: Rs 0.15 or 0.07 per cent

Koutons Retail
Day’s close: Rs 661.00
Change: – Rs 2.00 or 0.30 per cent

Vishal Retail
Day’s close: Rs 123.00
Change: – Rs 1.70 or 1.36 per cent

Indiabulls Retail
Day’s close: Rs 23.90
Change: – Rs 1.25 or 4.97 per cent

Shoppers Stop
Day’s close: Rs 182.00
Change: – Rs 6.50 or 3.45 per cent

Trent
Day’s close: Rs 384.00
Change: – Rs 1.00 or 0.26 per cent

Aditya Birla Nuvo
Day’s close: Rs 640.30
Change: – Rs 17.70 or 2.69 per cent

Provogue
Day’s close: Rs 63.00
Change: Rs 0.35 or 0.56 per cent

Raymonds
Day’s close: Rs 94.25
Change: – Rs 0.75 or 0.79 per cent

Bombay Dyeing
Day’s close: Rs 206.45
Change: Rs -12.50 (-5.71%)

Gitanjali
Day’s close: Rs 109.30
Change: – Rs 2.15 or 1.93 per cent

Adlabs Films
Day’s close: Rs 201.30
Change: – Rs 4.75 or 2.31 per cent

PVR
Day’s close: Rs 104.00
Change: – Rs 6.00 or 5.45 per cent

Cinemax India
Day’s close: Rs 50.35
Change: Rs 1.25 or 2.55 per cent

Inox Leisure
Day’s close: Rs 40.70
Change: Rs 0.85 or 2.13 per cent

Liberty Shoes
Day’s close: Rs 41.80
Change: – Rs 1.20 or 2.79 per cent

Bata India
Day’s close: Rs 108.75
Change: – Rs 3.80 or 3.38 per cent

Relaxo Footwears
Day’s close: Rs 34.25
Change: Rs 2.25 or 7.03 per cent

Sources :- Indiaretailing