Spencers Retail News Today

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BSE's Sensex advanced 303.91 points, or 0.44 per cent, to end at 69,825.60. NSE's Nifty50 added 68.25 points, or 0.33 per cent, to end the day at 20,969.40 for the day.

In a filing, Spencers Retail said that its subsidiary Natures Basket is expected to reduce its debt in due course by Rs 100 crore (approximately) through a mix of loan restructuring and repayment of loans.

These stores, set up over 8,000-12,000 square feet as compared to the usual 2,000-3,000 sq ft for Natures Basket, will not only generate more revenues but add 1-2 percentage points to gross margins. The first Natures Basket Artisan Pantry store opened last weekend in Mumbais Palladium Mall. He also said a second store will open in Mumbai while Kolkata will get its first store by next month, and 3-5 stores next fiscal including in the National Capital Region and Bengaluru.

RP-Sanjiv Goenka Group Vice Chairman, Shashwat Goenka, expressed confidence in achieving profitability for the groups consumer business, encompassing retail giants like Spencers Retail and Natures Basket, along with the FMCG sector. This financial turnaround, targeted within the next two to three years, involves a strategic approach, including debt reduction through restructuring, loan repayment, store closures in unprofitable segments, and the introduction of high-margin luxury gourmet stores.

Spencers Retail: Spencer’s Retail has reported a 30 per cent rise in year-on-year consolidated net loss at Rs 70.12 crore in Q2 FY24 as against a loss of Rs 53.78 crore in Q2 FY23, according to a regulatory filing. Also, it saw a decline in its total income at Rs 577.10 crore in Q2 FY24 as against Rs 654.35 crore in the same period of the last fiscal.

Coal India, Trent, Dr Reddys, ABB India and JK Cement were among the 61 stocks that saw a long build-up

Axis Bank, IDBI Bank, Gland Pharma, Canara Bank, HFCL, Jindal Stainless, and Tata Communications will be among the stocks in focus as they declare their December quarter earnings today.

Eversource Capital-promoted shared electric mobility player GreenCell Mobility announced Devendra Chawla as its new CEO and he will report to the companys board.

The company had posted a net loss of Rs 23.55 crore in the April-June period a year ago, , spencers retail