Restaurant Brands Asia extends rally, surges nearly 10% in a week

Fidelity Emerging Markets Fund held a 1.78 percent stake in the company till March 2024, stock exchange data showed.

Shares of Restaurant Brands Asia advanced 3 percent to Rs 104 in the morning trade on April 26, extending gains for the second day in a row and gaining almost 10 percent in 7 trading sessions.

On April 25, Fidelity Emerging Markets Fund offloaded nearly 26 lakh shares or 0.52 percent stake in the company, bulk deal on April 25 showed. The stake sale was done at an average price of Rs 100.26. Fidelity Emerging Markets Fund held a 1.78 percent stake in the company till March 2024, stock exchange data showed.

Follow our live blog for all the market action

The company completed the acquisition of a controlling stake of 87.75 percent in PT Sari Burger Indonesia or Burger King Indonesia last month.

The company which now runs Burger King and Popeyes chains both in India and Indonesia, reported a narrower third-quarter (Q3FY24) loss of Rs 36.18 crore, which had been supported by robust sales. The company's net loss during the same period last year was slightly over Rs 50 crore.

Total revenue of the company came in at Rs 604.22 crore, rising 14.7 percent from Rs 526.33 crore a year ago, the company said in a regulatory filing.

In the third quarter, the company initiated the launch of 38 restaurants and shut down one. Most of these new outlets opened in the latter part of December 2023. As of December 31, 2023, there were a total of 441 operational restaurants and, as of current date, the count has increased to 452. The company had 334 BK Café locations as of December 31, 2023.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.