Shoppers Stop shares hit fresh record high, stock zooms 16% in 2 days; BSE, NSE seek clarification

Shoppers Stop Ltd shares continued their strong upward move for the second straight session in Thursday's trade. The stock jumped 5.87 per cent to hit a new all-time high of Rs 943.65. At this price, it has gained 15.69 per cent in trading days.

Bourses BSE and NSE have sought clarification from the company on share volume movement. "The Exchange has sought clarification from Shoppers Stop Ltd on September 12, 2024, with reference to Movement in Volume. The reply is awaited," it stated.

The scrip saw high trading volume on BSE as around 34,000 shares were last seen changing hands. The figure was higher than the two-week average volume of 7,819 shares. Turnover on the counter came at Rs 3.09 crore, commanding a market capitalisation (m-cap) of Rs 9,963.47 crore.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 72.12. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 269.05 against a price-to-book (P/B) value of 30.26. Earnings per share (EPS) stood at 3.31 with a return on equity of (RoE) 11.25.

Last month, Shoppers Stop announced a strategic collaboration with Hollywood makeup brand Max Factor. Max Factor announced its entry into the sector in India through a collaboration between House of Beauty and Shoppers Stop.

"A collaboration between House of Beauty & Shoppers Stop marks a significant milestone leveraging Shoppers Stop's extensive retail infrastructure and customer base," the retail firm said.

As of June 2024, promoters held a 65.58 per cent stake in the company.