Heads UP Ventures shares hit the roof on contract with this Mukesh Ambani firm

Shares of Heads UP Ventures, formerly known as Mandhana Retail Ventures,  hit upper circuit of 20% today after the company said it inked a contract with Reliance Retail (subsidiary of Mukesh Ambani-led Reliance Industries). The  contract relates to sale of the products viz. fashion apparels, accessories, bags, footwear etc. under the brand name 'HUP' and the firm's sub-brands on the e-commerce platforms of Reliance Retail.

Heads UP Ventures stock rose 20% to Rs 16.20 against the previous close of Rs 13.50 on BSE.

Earlier, the stock opened 20% higher on BSE. Heads UP Ventures shares were trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has fallen 0.92% in a year but gained 1.89% in 2022.  

Total 1.26 lakh shares of the firm changed hands amounting to a turnover of Rs 20.56 lakh in the morning session. Market cap of the firm rose to Rs 35.77 crore on BSE.

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In the last session, shares of Heads UP Ventures closed 1.81 percent lower at Rs 13.54 apiece on BSE against their previous close.

"We wish to inform that the Company has entered into a contract with Reliance Retail Limited, for sale of the products viz. fashion apparels, accessories, bags, footwear etc. under the brand name "HUP" and its sub-brands on the e-commerce platforms of Reliance Retail Limited," said Heads UP Ventures in a communication to BSE.

In the second quarter of the current fiscal, net loss widened to Rs 1.59 crore against loss of Rs 1.39 crore in the corresponding period of the previous fiscal.

On a quarter-on-quarter basis, loss narrowed by 0.63% from Rs 1.60 crore in the June quarter. Sales too rose 48.28% to Rs 0.43 crore in Q2 against Rs 0.29 crore in the June quarter.

Heads UP Ventures Limited manufactures apparel and textiles. The company promotes, operates, maintains, establishes, and deals in single and multiple brands for garments, fabrics, apparels, and fashion accessories. The company serves customers worldwide.