Shares of Sapphire Foods, a leading food service company, witnessed a 4.1 percent surge on Tuesday, June 27, following a block deal transaction in the early trade.
During the block deal window, 30.3 lakh shares of Sapphire Foods India were exchanged at a price of ₹1,377 per share, CNBC-TV18 reported.
During Tuesday’s trade, the stock opened at a price of Rs. 1,449 per share against the previous close of Rs. 1,391 per share. At 10:45 a.m., it was trading at Rs. 1,400, up by 0.65 percent, on the NSE.
The stock touched a 52-week high of Rs. 1,574 on October 06, 2022 and a 52-week low of Rs. 1,011.25 on June 28, 2022, indicating that at the current levels, the stock is trading 38.45 percent above its 52-week low and 11 percent below its 52-week high.
The stock has shown a positive growth of 6.29 percent in the past one month. The shares of the company have increased by over 37 percent in the last one year. It has gained nearly 16 percent in the last five years.
According to the term sheet agreements, it was reported on June 26 that the holder of Sapphire Foods India was expected to sell three million shares through a block deal at a price range of ₹1,345 to ₹1,391 per share.
The holder, which owns KFC and Pizza Hut in India, aims to raise $51 million through this placement, as indicated in the term sheet.
Global brokerage Emkay Global Financial Services has recommended a 'hold' rating for Sapphire Foods India with a target price of ₹1,380, while Motilal Oswal has expressed a bullish outlook on the stock, giving it a 'buy' rating and setting a target price of ₹1,585.
In the quarter ended March 31, 2023, Sapphire Foods witnessed a significant year-on-year profit increase of 411.2 percent, reaching ₹135.48 crore. This marks a substantial rise from the profit of ₹26.50 crore recorded in the corresponding quarter of the previous year.
Sapphire Foods India Limited is an India-based company engaged in the business of quick service restaurant (QSR) and casual dining business. The company is a franchisee operator of Yum Brands in India, Sri Lanka and Maldives. Its operating brands include Kentucky Fried Chicken (KFC), Pizza Hut and Taco Bell.
According to a MintGenie poll, 15 analysts on average have a ‘BUY’ call on the stock.
