On December 3, Fidelity Funds Emerging Markets bought 9 lakh shares of Pantaloon Retail at an average price of Rs 223 a share. The country’s top retailer operates through multiple retail formats with a presence across all product categories and it has a pan-India presence. The Mumbai-based company operates over 110 lakh square feet of retail space at over 1,000 stores across 63 cities. Among its popular outlets are Big Bazaar, Food Bazaar and Central. The company recently divested its stake in Alpha Future Airport Retail, a 50:50 joint venture with UK-based airport retailer, Alpha Group Plc. The company’s share price has declined more than 75 per cent since the beginning of this year, touching a 52-week low of Rs 194 on November 28. Average trading volumes jumped
more than four times to about 1 lakh shares in the past fortnight, while average delivery increased to 69 per cent. During the September quarter, net sales rose 39 per cent to Rs 1,511 crore, whereas net profit increased 22 per cent to Rs 36 crore, as compared with the previous corresponding quarter. The stock is currently trading at a price to earnings ratio of 20x and 13x for FY09 and FY10.
Related posts:
