Shankara Building opens its 122th store; stock zooms 28% in three days

The stock hit a new high of Rs 2,081, up 7% on the BSE in otherwise weak market after the company announced the opening of its 122nd store at Vijayawada.

Shankara Building Products (SBPL) hit a new high of Rs 2,081, up 7% on the BSE in an otherwise weak market after the company announced the opening of its 122nd store at Vijayawada.

The stock of a leading organized retailer of home improvement and building products in India has rallied 28% in the past three trading sessions from Rs 1,631 on Monday, as compared to 1% decline in the S&P BSE Sensex.

SBPL on Wednesday after market hours announced the opening of its 122nd store under the ‘Shankara Buildpro’ brand at Jawahar Autonagar, Vijayawada - 520007.

The store admeasures around 2,250 square feet and houses a diverse basket of product offerings, it added.

SBPL added six new stores in Q2 (July-September), taking the total store count to 118. Further, 10 new stores were upgraded during the quarter to carry an expanded product portfolio. The company upgraded 40 stores until date and it intends to upgrade an additional 60 stores going forward,” IIFL Institutional Equities said in Q2 result update.

Shankara intends to add 15-20 stores every year (12 stores added in 1H) and expects to reach a store count of 200 over the next 3-4 years, the brokerage firm said.

At 11:05 AM; the stock was trading 6% higher at Rs 2,063, against 0.68% decline in the Sensex. The trading volumes on the counter more than doubled with a combined 644,261 shares changed hands on the NSE and BSE so far.