The shares of V-Mart Retail reported an increase of 6 per cent due to speculation of a bulk deal. The company’s share price was at Rs 2,100.
According to reports, approximately 5.8 lakh shares, equivalent to around 3 per cent of the company’s equity and valued at Rs 116 crore, were traded at Rs 1,990 per share. This occurred against the previous session’s closing price of Rs 1,980.40. It remains to be seen who bought and sold these shares.
V-Mart Retail reported losses of Rs 36.96 crore for the quarter ending in March 2023. In the same quarter of the previous fiscal year, the company reported a net loss of Rs 2.61 crore. However, in the third quarter, the company achieved a net profit of ₹19.97 crore.
Despite the losses, the company reported a significant rise in net sales during the fourth quarter of fiscal year 2022-23. The net sales for the quarter amounted to Rs 593.91 crore, marking a growth of 29.46 per cent compared to Rs 458.78 crore in the corresponding quarter of the previous year.
During the fourth quarter, V-Mart Retail opened 17 new outlets while closing 8 existing stores.
According to the retailer, the total number of stores now stands at 423 as at March 31, 2023.