Closing Bell: Sensex, Nifty end flat amid volatility; mid, smallcap outperform

Indian benchmark indices ended on a flat note in the volatile session on June 11. The Sensex was down 33.49 points or 0.04 percent at 76,456.59, and the Nifty was up 5.60 points or 0.02 percent at 23,264.80.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty continued to show choppy movement at the hurdle of 23400 levels on Tuesday and closed the day with minor positive note. After opening with a positive bias, the market continued to move up in the first half of the session. Intraday weakness got triggered from near 23400 levels in the later half, Nifty erased the gains of the day and finally closed lower.

A small negative candle was formed on the daily chart with upper shadow. After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term.

Nifty is currently placed at the hurdle of 23400-23500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of 4th June, which are weighing high for the market to sustain the new all-time highs. Hence, there is a possibility of dip in the market. Immediate support is at 23050 levels.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Nifty continued to show choppy movement at the hurdle of 23400 levels on Tuesday and closed the day with minor positive note. After opening with a positive bias, the market continued to move up in the first half of the session. Intraday weakness got triggered from near 23400 levels in the later half, Nifty erased the gains of the day and finally closed lower.

A small negative candle was formed on the daily chart with upper shadow. After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term.

Nifty is currently placed at the hurdle of 23400-23500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of 4th June, which are weighing high for the market to sustain the new all-time highs. Hence, there is a possibility of dip in the market. Immediate support is at 23050 levels.

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained sideways during the day as there was no directional move. The sentiment might remain sideways as well until it breaks out of the 23150-23350 range. Any decisive breakout on either side might confirm the future direction of the market. On the higher end, above 23350, it might move towards 23600. Meanwhile, support below 23150 is placed at 23000-22900.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The BankNifty Index experienced a sideways trading session and was unable to surpass the 50000 mark, where the highest open interest is built up on the call side. Once the index breaks above 50000, it is likely to see sharp short covering towards the 50500/51000 levels. The undertone remains bullish, and traders should adopt a buy-on-dip approach with support at 49000, where the highest open interest is built up on the put side.

Currency Check | Rupee closes marginally lower

Indian rupee ended marginally lower at 83.57 per dollar on Tuesday versus Monday's close of 83.51

Market Close | Sensex, Nifty end flat amid volatility; mid, smallcap outperform

Indian benchmark indices ended on a flat note in the volatile session on June 11.

At close, the Sensex was down 33.49 points or 0.04 percent at 76,456.59, and the Nifty was up 5.60 points or 0.02 percent at 23,264.80. About 2246 shares advanced, 1193 shares declined, and 70 shares unchanged.

ONGC, L&T, Adani Ports, Maruti Suzuki and Tata Motors were are among the top gainers on the Nifty, while losers included Kotak Mahindra Bank, Dr Reddy's Labs, Asian Paints, Reliance Industries and Divis Labs.

Among sectors, selling was seen in the bank, FMCG, healthcare and metal names, while capital goods, oil & gas and realty up 1 percent each.

The BSE midcap index rose 0.7 percent while the smallcap index added nearly 1 percent.

Union Bank of India approved to raise capital by an amount not exceeding Rs 10,000 crore

Brokerage Call | CLSA prefer MGL & IGL in gas space

#1 Spot LNG prices are surging, which is likely to have a positive rub-off effect for GAIL, GSPL & Petronet LNG
#2 CNG sales growth for Delhi slowed in May
#3 Mumbai & Gujarat continued their uptrends in CNG sales which bodes well for CNG volume of MGL & Gujarat Gas
#4 Lower propane prices vis-à-vis uptick in spot LNG may limit upside to Gujarat Gas’ margin
#5 Believe Gujarat Gas is trading at an extreme valuation
#6 Baking in expectations of a huge industrial volume rebound
#7 Continue to prefer MGL & IGL in gas space

Brokerage Call | Elara initiates 'buy' rating on HCC, target Rs 63

#1 Poised to reclaim last glory; 10-year slog improves financial health
#2 Well positioned to capture on Rs 1.5 lakh crore nuclear opportunity
#3 Ratings upgrade & no restrictions on bank guarantee limits allows to bid for new contracts
#4 Expect Rs 9,000 crore inflows in FY25 Vs guidance of Rs 10,000 crore
#5 Inflows to increase by 15 percent per annum for the next two years
#6 Expect a standalone revenue & EBITDA CAGR of 20 percent each during FY24-27
#7 Expect earnings CAGR at 50 percent, due to lower interest cost

Brokerage Call | Antique initiates 'buy' rating on L&T Finance, target Rs 220

#1 Expect company’s earnings CAGR to be 25 percent over the next 3 years
#2 RoE to expand >400 bps to 15 percent over next 3 years
#3 See limited risk in company achieving these targets
#4 Promoter group has shown renewed vigor & placed their trust in an all-round leader
#5 AUM growth to sustain at 20 percent+; structurally working on reducing credit cost

Sensex Today | Biocon appoints Mukesh Kamath as the interim chief financial officer

Sensex Today | Krishna Institute of Medical Sciences to invest Rs 1 crore in Meda Institute of Podiatry

Krishna Institute of Medical Sciences has executed an agreement to invest Rs 1,02,00,000 by subscribing 10,20,000 equity shares of face value of Rs 10 each of M/s. Meda Institute of Podiatry.

Sensex Today | 1.14 million shares of Canar Bank traded in bunch: Bloomberg

Stock Market LIVE Updates | Dredging Corporation India bags order

Syama Prasad Mookerjee Port Authority (SMPA) awarded Rs 2015.88 crore five years maintenance dredging in the Hooghly Estuary primarily in the shipping channel leading to Haldia Dock to Dredging Corporation of India.

Sensex Today | Positive global markets, fresh foreign inflows may support rupee: Anuj Choudhary of BNP Paribas

Indian Rupee depreciated by 0.06% today on strong US Dollar and a surge in crude oil prices. However, positive domestic markets and fresh FII inflows cushioned the downside. US Dollar gained on expectations of further delay in first interest rate cut by the US Federal Reserve on the back of hot non-farm payrolls report last week. Weak Pound and Euro also supported the Dollar. Euro fell on political uncertainty after French President called for snap elections while Pound fell on sharp rise in claimant count change.

We expect Rupee to trade with a slight negative bias on strong US Dollar and elevated crude oil prices. However, positive global markets and fresh foreign inflows may support Rupee at lower levels.

Traders may remain cautious ahead inflation data from India and US. Investors may remain cautious ahead of FOMC meeting outcome. Fed is expected to keep its monetary policy unchanged. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80.

Sensex Today | Cabinet cleared construction of 3 crore more houses for the poor: Sources

#1 3 Crore additional PMAY houses may cost the Centre Rs 3.75-4 lakh crore over 5 years
#2 PMAY spend contribution is 60:40 between Centre-States
5 year PMAY spend to include middle class housing announcement

Sensex Today | CBI search at PNC Infratech

A team of Central Bureau of Investigation {CBI} conducted a search at the residence of Mr. Yogesh Kurnar Jain Managing Director and Mr. Talluri Raghupati Rao, Whole-time Director of the Company and also at the Corporate office, situated at Agra, Registered Office situated at New Delhi and other offices of the Company.

Sensex Today | GAIL shares rise 3% on India's largest ethane plant; Morgan Stanley maintains 'buy'

Shares of GAIL India advanced 3 percent to Rs 214 in afternoon trade on June 11 after Morgan Stanley maintained its 'buy' stance on the counter following the company's bid to establish a 1,500 KTA ethane cracker project in Madhya Pradesh worth Rs 60,000 crore.

The international brokerage has assigned a price target of Rs 250. That's an upside of over 20 percent from the current market levels. "The company is diversifying its feedstock," it said. Read More

Sensex Today | RailTel Corporation bags work order from Defence Ministry

RailTel Corporation of India has received the work order from Ministry Of Defence for creation of RailTel PoP at customer site amounting to Rs 11,23,69,040 (Including Tax).

Sensex Today | Blinkit to receive Rs 300 crore in fresh capital infusion from Zomato

Brokerage Call | Nomura assumes coverage on KEC International with buy call, target Rs 960

#1Robust T&D outlook; gradual margin recovery
#2 Expect revenue/EBITDA/PAT CAGRs of 12/28/58 percent over FY24-27
#3 Company aims for margin of 7.5 percent for FY25
#4 Company expects further margin improvement, closer to double-digit percentage by end-FY26

Sensex Today | BSE Power index up 0.8%; BHEL, Suzlon Energy, CG Power top contributors

Stock Market LIVE Updates | Vedanta: Cairn Oil & Gas commences commercial ASP injection in Mangala, Rajasthan

Stock Market LIVE Updates | Jaiprakash Associates falls for 7th straight day

Stock Market LIVE Updates | Gateway Distriparks sells land to Snowman Logistics for Rs 20 crore

Currency Check | Dollar gains momentum ahead of key events

The dollar is on its fourth consecutive daily gain, while major currency movements are limited as traders await key events on Wednesday. Focus shifts to US CPI data before the Federal Reserve's policy decision, where officials are anticipated to revise forecasts. The Bloomberg Dollar Spot Index climbs 0.2%, remaining near a six-week peak, with one-month risk reversals stabilizing.

Sensex Today | UBS maintains underweight rating on Indian stocks, favors China

UBS maintains its underweight rating on Indian stocks, citing Prime Minister Narendra Modi's weaker-than-expected election mandate as another challenge for a market already facing high valuations. Sunil Tirumalai, UBS's global emerging market strategist, notes foreign investors' struggle with India's expensive valuations relative to earnings growth. He highlights potential efficiency issues with a coalition administration. Tirumalai favors Chinese equities due to Beijing's stimulus efforts and better shareholder returns, emphasizing lower valuations compared to India. He believes events in both markets could favor China over India from a risk-reward perspective.

Global News | Hamas accepts UN ceasefire resolution

Hamas accepts a UN Security Council ceasefire resolution and is ready to negotiate over the details, senior Hamas official Sami Abu Zuhri told Reuters on Tuesday, adding that it was up to Washington to ensure that Israel abides by it.

Hamas accepts the UN security council resolution in regard to the ceasefire, withdrawal of Israeli troops and swap of hostages for detainees held by Israel, he said.

Markets@2 | Sensex, Nifty near record high

The Sensex was up 310.81 points or 0.41 percent at 76,800.89, and the Nifty was up 114.10 points or 0.49 percent at 23,373.30. About 2323 shares advanced, 1080 shares declined, and 75 shares unchanged.

Stock Market LIVE Updates | Borosil Renewables approves draft for the issuance of fully paid-up equity shares by a rights issue aggregating Rs 450 crore

Sensex Today | Nifty less than 50 points away from record high

Stock Market LIVE Updates | Rail Vikas Nigam emerges as the lowest bidder from Central Railway

Stock Market LIVE Updates | Capacit'e Infraprojects approves fund raising of up to Rs 100 crore

The board of directors of Capacit'e Infraprojects in their meeting held today, considered and approved the issue of upto 1000 secured, unrated, unlisted, redeemable Non-convertible debentures (NCDs) of a face value of Rs 10,00,000 each, aggregating to up to Rs 100,00,00,000 in one or more tranches on private placement basis.

Stock Market LIve Updates | Sensex at day's high

Stock Market LIVE Updates | HG Infra Engineering incorporates a wholly-owned subsidiary H.G. Jaipur Solar Project

Sensex Today | NBCC bags multiple orders worth Rs 878.2 crore

Sensex Today | SBI approves USD 3 billion fund raising

The executive committee of the Central Board at its meeting held today i.e. 11th June 2024 has approved, to examine the status and decide on long term fund raising in single / multiple tranches of up to USD 3 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.

Sensex Today | 1.58 million shares of Tata Steel change hands in another bunch trade: Bloomberg

Stock Market LIVE Updates | Bank of Baroda keeps marginal cost of funds based lending rate unchanged

Stock Market LIVE Updates | Sudarshan Chemical launches two new products - Sumica Silver 41135 and Sumica Bright Silver Fine 41126

Sensex Today | BSE Smallcap index hits fresh record high

Sensex Today | Vodafone Idea gets in-principle approval for Rs 14,000-crore loan

A consortium of lenders, led by the State Bank of India (SBI), has given in-principle approval for a Rs 14,000-crore loan to Vodafone Idea (Vi), which is looking to turnaround its unprofitable operations through a series of measures, including launching 5G services.

While an official communication is still awaited, the joint venture between Vodafone Group Plc and Birla’s conglomerate has received informal commitments from several lenders, including Punjab National Bank (PNB), Bank of Baroda, Union Bank, and other public and private sector banks, sources aware of the development told Moneycontrol.

The consortium is expected to disburse funds in tranches once the transaction is closed. The proceeds will be used to repay operational creditors, roll out a 5G network, and bid for additional spectrum, sources said, adding the telco is aggressively pursuing its larger objective of raising Rs 25,000 crore after the successful FPO. Read More

Stock Market LIVE Updates | Electronics Mart starts operations at new store at Andhra Pradesh

Electronics Mart India has commenced the commercial operations of a new multi brand store under the brand name ‘BAJAJ ELECTRONICS’ on 11 June 2024 at Andhra Pradesh.

Markets@1 | Sensex, Nifty trade higher

The Sensex was up 196.10 points or 0.26 percent at 76,686.18, and the Nifty was up 75.30 points or 0.32 percent at 23,334.50. About 2246 shares advanced, 1118 shares declined, and 86 shares unchanged.

Sensex Today | 2.04 million shares of Axis Bank traded in a bunch: Bloomberg

Not in favour of divestment of government stake in state run oil companies: Oil Minister

Sensex Today | Mindspace Business to raise Rs 650 crore

The Executive Committee of the Manager at its meeting held on June 11, 2024, inter-alia, approved the raising of funds by Mindspace REIT through issuance of up to 65,000 Listed, Rated, Secured, Non-cumulative, Taxable, Transferable, Redeemable Non-Convertible Debentures of nominal value of Rs 1,00,000 each for an aggregate principal amount of up to Rs 650,00,00,000 in one or more tranches / series / issuances / phases, in dematerialised form, on a private placement basis by Mindspace REIT.

Sensex Today | BSE Midcap index hits fresh record high

Brokerage Call | Nomura keeps 'buy' rating on Axis Bank, target Rs 1,250

#1 Management believes deposits growth will be key constraint for loan growth for industry
#2 Sees credit growth converging to current system deposits growth trend
#3 Expects to grow loan book 300–400 bps faster than industry over medium to long-term
#4 Management reiterated that board’s nod for equity capital raise is only an enabling resolution

Sensex Today | Will make attempts to bring petrol, diesel under GST: Oil Minister Hardeep Singh Puri

Sensex Today | ONGC to start production from KG 98/2 block soon: Oil Minister Hardeep Singh Puri

Sensex Today | 1.08 million shares of Tata Steel traded in a bunch: Bloomberg

Brokerage Call | Nomura keeps ‘buy’ rating on Federal Bank, target Rs 195

#1 Bank expects to sustain 18-20 percent growth in loans over medium term
#2 Expects to sustain similar growth rate in deposits
#3 Bank expects to largely sustain its NIM profile over near term
#4 Management says, 50 bps cut in repo rate could have a negative impact of 10-15 bps on NIMs
#5 Management expects fee growth to sustain at more than 20 percent YoY
#6 Management in dialogue with regulator to resolve this issue of embargo

Sensex Today | Rushil Decor approves to allot 2.5 lakh equity shares

The fund raising committee of the board of directors of Rushil Decor has, at its meeting held on Tuesday, June 11, 2024 considered and approved the allotment of 2,50,000 equity shares of face value of Rs 10 each to total 3 allottees being non-promoter upon conversion of warrants on preferential basis.

Sensex Today | Adani Defence & Aerospace and EDGE Group sign cooperation agreement in defence & security

Sensex Today | HOAC Foods commences new manufacturing facility at Haryana

HOAC Foods India announced the commencement of new manufacturing facility located at Mahinderwara Village, Permit Line Road, Tehsil-Sohna, Gurugram, Haryana-122102, which spans 4500 square feet.

This expands Spices and Oil product portfolio with production capacity of 475,200 kg per annum for spices and 219,960 liters per annum for oil products with new manufacturing and processing machines equipped with most advanced technology.

Sensex Today | Tata Steel confirms closure of heavy-end assets and restructuring program

Tata Steel confirms that it will continue with the announced closure of the heavy end assets and restructuring program at Port Talbot in the coming months.

Stock Market LIVE Updates | Abbott India director resigns

Abbott India has informed that Ms Sabina Ewing has resigned as director of the company, effective close of business hours of June 12, 2024, due to her pre-occupation with other professional commitments.

Stock Market LIVE Updates | Ducol Organics gets HUL approval for Mahad plant

Ducol Organics & Colours has received an approval from Hindustan Unilever Limited (HUL) for Unit 3 of Mahad plant to supply its dispersions for detergents.

Sensex Today | Tata Motors and Tata Motors DVR trade ex-dividend

Stock Market LIVE Updates | Domino's opens its 2000th store in the country

Sensex Today | BSE PSU index up 1%; NBCC, HUDCO, IRCTC, Ircon International, among top gainers

Stock Market LIVE Updates | Persistent enters into strategic partnership agreement with Google Cloud

Persistent Systems announced a long-term strategic partnership agreement with Google Cloud for expanded reach across the US, India, UK, and Australia.

This agreement focuses on driving joint go-to-market activities and accelerating digital transformation for enterprises globally.

Using Google Cloud’s Gemini models, along with other innovative Google technologies, the company will develop industry-specific solutions to drive broad-based GenAI adoption.

Sensex Today | BSE Telecom index rises nearly 1%; GTL Infra, Tejas Networks, Railtel Corporation up 7-10%

Markets@12 | Sensex, Nifty trade higher amid volatility

The Sensex was up 163.77 points or 0.21 percent at 76,653.85, and the Nifty was up 62.30 points or 0.27 percent at 23,321.50. 

ONGC, L&T, Hero MotoCorp, Britannia Industries and Bajaj Auto are among the top gainers on the Nifty, while losers are Dr Reddy's Labs, Asian Paints, Kotak Mahindra Bank, BPCL and ITC. 

All the sectoral indices were trading in the green. BSE Midcap and smallcap indices up 1 percent each.

Sensex Today | Mahindra and Mahindra total sales in May 2024 jumps to 69011 units Vs 58799 in May 2023

Stock Market LIVE Updates | Cosmic CRF bags orders worth Rs 1,286.67 lakhs and Rs 1,093.67 lakhs from two different wagon-manufacturing companies

Sensex Today | Gopal Snacks launches a new product, "Korean BBQ" within wafers category under the brand name "Cristos"

Stock Market LIVE Updates | Artson Engineering appoints Deepak Natarajan as additional non-executive director effective June 10

Sensex Today | Auto stocks in focus post SIAM sales data

#1 India May local utility vehicle sales at 182883 units
#2 India May Local two-wheeler sales 1.620 million units
#3 India May Local car sales 106952 units

Sensex Today | RailTel Corporation bags work order from Defence Ministry

RailTel Corporation of India has received the work order from Ministry Of Defence for creation of RailTel PoP at customer site amounting to Rs 11,23,69,040 (Including Tax).

IPO Updates | ixigo IPO issue subscribed 2.5x on Day 2 so far, retail portion booked 7.56x

The initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, continued to witness robust investor interest on the second day of bidding on June 11 after the offer was subscribed 2.52 times. Investors subscribed for 11 crore shares as against the offer size of 4.37 crore shares, the subscription data showed.

Retail investors were at the forefront, bidding 7.56 times the allotted quota, followed by Non-institutional investors (NIIs)/HNIs who have bought 3.92 times the reserved portion. The portion set aside for qualified institutional buyers (QIBs) was booked 0.11 times. The IPO, with a share price range of Rs 88-93, will conclude on June 12. Read More

Stock Market LIVE Updates | Nifty Midcap 100 hits record high, crosses earlier level of 53,705

Bumper listing | Forbes Precision, demerged from Forbes & Co hits upper circuit on debut

Stock Market LIVE Updates | Nifty Realty index top sectoral performer at this hour

Stock Market LIVE Updates | Broader indices outperform benchmark Nifty 50 index

Markets@11 | Sensex, Nifty trade higher

The Sensex was up 174.94 points or 0.23 percent at 76,665.02, and the Nifty was up 60.00 points or 0.26 percent at 23,319.20. About 2294 shares advanced, 973 shares declined, and 86 shares unchanged.

All the sectoral indices were trading in the green

BSE Midcap and Smallcap indices up nearly 1 percent each.

Sensex Today | Nifty Media index up nearly 1%; Dish TV, PVR Inox, TV18 Broadcast top contributors

Sensex Today | Butterfly Gandhimathi Appliances gets demand notice of Rs 97,553 from West Bengal GST authorities

Sensex Today | CBI search at PNC Infratech

A team of Central Bureau of Investigation {CBI} conducted a search at the residence of Mr. Yogesh Kurnar Jain Managing Director and Mr. Talluri Raghupati Rao, Whole-time Director of the Company and also at the Corporate office, situated at Agra, Registered Office situated at New Delhi and other offices of the Company.

Sensex Today | Brickwork Ratings revises rating of Edelweiss Financial Services' NCDs

Brickwork Ratings has revised the ratings assigned to the Non-convertible Debentures program of Rs 344.81 crores of Edelweiss Financial Services to BWR A+/Rating on watch with negative implications and to the Principal Protected Market Linked Debentures program of Rs. 352.78 crores of the company to BWR PP-MLD A+/Rating on watch with negative implications.

Sensex Today | BSE Oil & Gas index jumps 1%; Linde India, ONGC, among major gainers

Stock Market LIVE Updates | PTC Industries in JV with defence PSUs

PTC Industries Limited announced its partnership with leading entities under DTIS scheme in the Indian Defence and Aerospace sector to advance the 'Make in India' initiative.

Sensex Today | Mphasis Javelina selects HPE GreenLake cloud with HPE Alletra Storage

Mphasis has adopted HPE GreenLake cloud with HPE Alletra Storage to accelerate IT transformation for its healthcare clients.

Sensex Today | BSE Capital Goods index up nearly 2%; GMR Airports, Suzlon Energy, V-Guard Industries top gainers

Sensex Today | INDIA VIX slips 5%

Sensex Today | K Lakshhmi resigns as Chief Financial Officer of Repco Home Finance

Sensex Today | HDFC Bank hikes fixed deposit interest rates by up to 20 bps, reported CNBC-TV18

Stock Market LIVE Updates | Suzlon secures a 103.95 MW order from AMPIN Energy Transition

Suzlon Group announced a new order win for the development of 103.95 MW wind power project for AMPIN Energy Transition Private Limited.

Suzlon will install 33 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site in the Fatehgarh district in Rajasthan.

Stock Market LIVE Updates | Jefferies remains bullish on ONGC, sees 50% upside

International brokerage Jefferies retained its buy call on ONGC, noting that the central government's policy continuity should keep the oil PSU's profitability elevated.

Since the election verdict was announced on June 4, with the BJP unable to cross the 272-mark to form a simple majority, investors have offloaded their holdings in ONGC. The oil major's shares have tanked around 9 percent.

According to Jefferies, this correction appears overdone and can prove to be an attractive entry point for investors. The brokerage has a target price of Rs 390 per share on ONGC, offering a 50 percent upside from current levels. Read More

Stock Market LIVE Updates | Jubilant Foodworks gains as QSR chain Domino's Pizza breaches 2,000-store mark

Shares of Jubilant Foodworks gained by a percent to Rs 528 per share on June 11 after its quick-service restaurant chain Domino's Pizza crossed 2,000-store mark in India.

With 2,000 store launch in India, Domino's Pizza has become the first QSR in India to achieve this milestone. India is now Domino's number 1 market outside the US and the last 500 restaurants were opened in a record time of only 29 months. Read More