Competition among QSRs has investors questioning if pizza will lose out to other comfort foods like burgers, fried chicken, and biryani. KFC has seen growth and outperformed pizza, while pizza firms face slow store growth expansion. Among QSR stocks, Sapphire Foods has given a decent return in last 6 months, and buy ratings are recommended for Devyani, Sapphire, and Restaurant Brands Asia.
The price action was amid significant volumes as over 1.14 crore shares changed hands on the NSE in morning trade. The traded value of the shares stood at Rs 184.58 crore. The details of buyers and sellers were not known at the time of filing the story.
Through the sale, Yum Restaurants plans to raise around Rs 815 crore, reports said. The floor price for the sale has been fixed at Rs 153.5 a share, which is at a discount of nearly 8% to the current price.
Shares of Devyani International rose nearly 6% on reports of a block deal where Yum Restaurants India plans to sell a 4.4% stake, aiming to raise around Rs 815 crore. The company reported weak numbers for the December quarter with profit plunging 87% and revenue rising 7%.