V-Mart Retail gains on new stores launch

V-Mart Retail has opened two new stores. Shares of the company jumped over 3 per cent intraday on Monday.

V-Mart has opened 2 stores each in the state of Bihar and Assam. With this, V-Mart’s total number of stores has increased to 236 in 183 cities across 18 states, and total tally of stores in Bihar to 44 and in Assam to 9.

V-Mart Retail is one of the pioneers in setting up stores across various small Indian towns and cities. The company primarily operates in Tier-II and Tier-III cities, with a chain of ‘value retail’ departmental stores offering apparels, general merchandise and kirana, catering to the entire family.

Earlier this month, V-Mart Retail had announced a plan to hire 2,000 people and invest Rs. 115 crore in the current financial year (FY20) to expand its footprint. The retailer, which mainly operates in tier-II and III cities, plans to add around 60 stores this fiscal, taking its total count to 275. The company also expects the contribution of its private labels to increase to around 75 percent of total sales, from 70 percent currently.

The shares of V-mart on Monday opened at Rs. 2056.90 against Friday’s close of Rs. 2050. At closing hours, it was trading at Rs. 2098.40, gaining 2.36 per cent from its previous close. The stock hit an intraday high of Rs. 2116.45 and intraday low was Rs. 2046.75. Its 52-week high was Rs. 2,903.90 and 52-week low was Rs. 1,698.30 per share on the BSE.