Spencer Retail Shares Jump Nearly 20% On Foray Into Hypermarket Format

The company will open the new format chain 'Spencer's Value Market' in six South Indian cities this month.

<div class="paragraphs"><p>Spencer Retail's Store. / (Source: Company Website)</p></div>
Spencer Retail's Store. / (Source: Company Website)

Shares of Spencer Retail Ltd. jumped nearly 20% on Tuesday after it announced a foray into a new hypermarket format.

The company announced on Monday the opening of a new format chain 'Spencer's Value Market' that targets value-conscious consumers.

Part of the RP-Sanjiv Goenka Group, the retailer will open new stores in six South Indian cities this month. The retailer has around 185 stores that cater to mid to premium segments.

However, BSE Ltd. today sought clarification from Spencers Retail with reference to news appearing in a local business news portal relating to its forays into the new hypermarket format.

Shares of the company jumped 18.39% to Rs 75.95 apiece as of 2:23 p.m., compared with 0.55% gains in the benchmark Nifty 50. The total traded volume of the scrip stands at 31.1 times its 30-day average.