Heads UP Ventures shares jumped 20% to Rs 16.20 on the BSE, compared to the previous closing of Rs 13.50.
Heads UP Ventures shares, formerly known as Mandhana Retail Ventures, had its stock rise beyond 20% today after the business announced a partnership with Reliance Retail (a subsidiary of Mukesh Ambani-led Reliance Industries).
The arrangement covers the sale of items such as fashion garments, accessories, bags, and footwear under the brand name ‘HUP’ and the firm’s sub-brands on Reliance Retail’s e-commerce platforms.
Heads UP Ventures’ shares surged 20% to Rs 16.20 on the BSE, from a previous closing of Rs 13.50.
Previously, the stock started 20% higher on the BSE. Shares of Heads UP Ventures were trading above their 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has dropped 0.92% in a year but is expected to rise 1.89% in 2022.
In the morning session, 1.26 shares of the company changed hands, resulting in a transaction of Rs 20.56 lakh. On the BSE, the company’s market capitalization increased to Rs 35.77 crore.
Heads UP Ventures shares finished 1.81 percent down on the BSE at Rs 13.54 each in the previous session.
“We wish to inform that the Company has entered into a contract with Reliance Retail Limited, for sale of the products viz. fashion apparel, accessories, bags, footwear etc. under the brand name “HUP” and its sub-brands on the e-commerce platforms of Reliance Retail Limited,” Heads UP Ventures said in a BSE communication.
Net loss increased to Rs 1.59 crore in the second quarter of the current fiscal year, up from Rs 1.39 crore in the same time last year.
On a quarterly basis, the loss shrank by 0.63% from Rs 1.60 crore in the previous quarter. Sales increased 48.28% to Rs 0.43 crore in Q2 from Rs 0.29 crore in the previous quarter.
Heads UP Ventures Limited produces clothing and textiles. The firm promotes, runs, maintains, establishes, and sells in single and multiple-brand garments, textiles, clothes, and fashion accessories. Customers from all around the world are served by the firm.
.
Heads UP Ventures recorded a net loss of Rs 1.59 crore in the second quarter of September 2022, compared to a net loss of Rs 1.39 crore in the second quarter of September 2021. In the second quarter of September 2022, net sales were recorded as Rs 0.43 crore. There were no sales reported in the prior year’s equivalent preceding quarter.
Read More-Reliance beats likes of Amazon to acquire German wholesaler Metro’s Indian business
