Rupee rises 7 paise against US dollar in early trade The rupee was trading in a narrow range and appreciated by seven paise against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as investors remain cautious ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole Symposium this week. On Tuesday, the rupee had recovered from its all-time low levels and settled higher by 14 paise at 82.99 against the US dollar. “Market awaits with baited breadth the Jackson Hole Symposium between 24th and 26th in which Fed Chairperson’s speech will be keenly watched,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 to 103.48. Brent crude futures, the global oil benchmark, rose 0.17 per cent to USD 84.17 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 8.36 points or 0.01 per cent higher at 65,228.39. The broader NSE Nifty advanced 8.20 points or 0.04 per cent to 19,404.65. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 495.17 crore, according to exchange data.
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tioned itself as a premium retailer of brands.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.
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