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This smallcap firm rallies 17% as Radhakishan Damani picks 2% stake

Shares of Spencer’s Retail rallied over 17 per cent in Tuesday’s session after ace equity investor and D-Mart promoter Radhakishan Damani bought 16.61 lakh shares in the company during the latest quarter ended December 2019.

The latest shareholding data, filed by the company on January 21, showed that Damani held 2.09 per cent stake in the company as on December 31. He was not among the key shareholders in the preceding quarter ended September 30.

The scrip traded over 17.50 per cent up at Rs 87.90 at around 12.05 pm, while the benchmark BSE Sensex was down 61 points, or 0.15 per cent, at 41,468. At present, the market value of the firm is hovering at around Rs 680 crore.

The data further revealed that mutual fund houses, however, offloaded some stake in the company to 4.81 per cent from 6.28 per cent earlier. On the other hand, foreign portfolio investors and Life Insurance Corporation kept its stake constant at 6.17 per cent and 1.67 per cent, respectively.

Shares of Spencer’s Retail cracked 65 per cent during the past one year. The BSE Sensex advanced 15 per cent during the same period.

The company is engaged in the business of organised retail. It operates departmental and neighbourhood stores under various formats. It is a multi-format retailer company, which is providing a wide range of products across categories such as food, personal care, fashion, home essentials, electrical and electronics to its consumers.

Source: Economic Times