Shares of Sapphire Foods India Ltd., the franchisee operator of brands such as Kentucky Fried Chicken, Pizza Hut, and Taco Bell, surged over 8% to reach an all-time high on Thursday—the company's record date to determine the eligibility of its equity shareholders for a share split.
As approved by shareholders during the company's 15th Annual General Meeting held on Aug. 9, the company will subdivide its existing equity shares—each with a face value of Rs 10 will be divided into five new shares, each with a face value of Rs 2.
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Shares of the company rose as much as 8.21% to the highest level since its listing. However, they pared gains to trade 2.93% higher at Rs 346.40 apiece, as of 10:30 a.m., compared to a 0.02% decline in the NSE Nifty 50.
The stock has risen 21.75% year-to-date. Total traded volume so far in the day stood at 1.36 times its 30-day average. The relative strength index was at 69.10.
Out of 23 analysts tracking the company, 19 maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 2.4%.
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