Shoppers Stop rises by over 6% on better Q3 profit

Shoppers Stop rises by over 6% on better Q3 profit

Mumbai: Investors cheered the third quarter numbers of Shoppers Stop, as the retail chain’s shares jumped by over 6% on Tuesday in the early trade on the Bombay Stock Exchange (BSE).

The company, had on Monday posted a 45% increase in its standalone net profit for the third quarter ended 31 December 2010 at Rs27.9 crore, against Rs19.2 crore in the year-ago quarter.

Bolstered by the smart earnings, the Shoppers Stop shares started the day on a robust note and surged by 6.16% to touch an early high of Rs388.60 a piece on the BSE.

The scrip saw a similar strength on the National Stock Exchange (NSE), and climbed by 6.56% to trade at Rs388.70 in the morning session.

Meanwhile, the BSE 30-share benchmark Sensex was quoting at 19,244.88, up 93.60 points at 0957 hours.

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