Radhakishan Damani picks stake in Spencers Retail; stock surges

Spencer’s Retail, a chain of retail stores headquartered in Kolkata (West Bengal) jumped more than 19 per cent on Tuesday after the company informed that veteran Mumbai businessman and founder of Avenue Supermarts Ltd, Radhakishan Damani picked up over 2 per cent stake in the company during December quarter.

A shareholding pattern data, revealed by Spencer’s, show that Radhakishan Damani, who had less than 1 per cent stake in the company during September quarter, now, has acquired 1.66 million equity shares or around 2.09 per cent stake in the company during the recently concluded quarter. It is being presumed that the Indian businessman bought these shares from mutual funds.

Spencer’s Retail, a part of RP-Sanjiv Goenka Group, has outlets across 35 cities of India dealing with food, fashion, personal care, home essentials, electronics and so on.

At 2.46 pm, the stock of Spencer’s Retail Ltd is trading at Rs 89.50, up by 19.97 per cent against its previous close of Rs 74.60. The market on Tuesday opened at Rs 74.55. Its 52-week high is recorded at Rs 230.00 and its 52-week low is Rs 53.80 on BSE.