Spencer Retail rises 20%

Spencer Retail is doing super well; from its close of Rs.64.25, it today rose 20%, briefly touching its UC at Rs.77.10, with 5x rise in volumes.

The stock price zoomed up on news coming in that the company is foraying into a new hypermarket format.

There is news that it has announced opening a new format chain 'Spencer's Value Market' that targets value-conscious consumers. Part of the RP-Sanjiv Goenka Group, the retailer will open the new stores in six South Indian cities this month.

The retailer has around 185 stores that cater to mid to premium segments.

There is no work about this to the stock exchanges, which is why the BSE has sought a clarification about this new foray. The company is yet to reply.