Daijiworld Media Network - Mumbai

Mumbai, Aug 24: Shares of Vishal Mega Mart surged 9.5 per cent in Monday's trading session after the company's board approved the reappointment of Gunender Kapur as managing director (MD) and chief executive officer (CEO) for a five-year term.

The stock rose to Rs 113.45 on the BSE in early trading, up 9.5 per cent from its previous close of Rs 103.60. It opened at Rs 109.

At around 9.50 am, Vishal Mega Mart shares were trading at Rs 112.40, registering an 8.5 per cent gain, while the benchmark Sensex was up 0.15 per cent at 77,658.

Around 39 million shares of the company had changed hands on the BSE and NSE combined by that time.

The company informed the stock exchanges on Friday that Kapur had been reappointed for a five-year term with effect from September 1, 2026, and would be redesignated as Founder, MD and CEO.

Kapur was initially appointed MD and CEO for a three-year term beginning June 27, 2024. His existing tenure was scheduled to end on June 26, 2027.

According to the company's exchange filing, the board approved his reappointment based on the recommendation of its Nomination and Remuneration Committee, subject to shareholder approval.

Kapur will serve for five years from September 1, 2026, through August 31, 2031.

The company also said Kapur was not debarred from holding the office of director by any order of the Securities and Exchange Board of India (Sebi) or any other authority.

Kapur has more than 42 years of experience in management and investment across the consumer and retail sectors. He has previously been associated with Hindustan Lever Ltd, Unilever Nigeria, Reliance Industries Ltd and TPG Capital.

The board's decision to extend his tenure and designate him as founder, MD and CEO triggered strong buying interest in the company's shares during Monday's session.