India's Spencer's Retail up on unit's debt reduction plan

Spencers Retail

28/11/2023 09:07

** Shares of Spencer's Retail  SPEN.NS  rise as much as 6.4%
to 78.50 rupees
    ** Multi-format retailer says its unit Natures Basket is
expected to reduce its debt by about 1 billion rupees ($12
million)
    ** Adds Spencer's business is expected to have positive
EBITDA during the current year
    ** More than ~1.6 mln shares change hands by 2:22 p.m. IST,
6.5x the 30-day avg 
    ** Stock last up 5.3%, extending YTD gains to 19.2%

    ($1 = 83.3197 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))