KFC and Pizza Hut operator Sapphire Foods gained over 2 percent in early trade on December 15 after 10.7 percent of equity changed hands in a bunched trade. Reportedly, promoter groups and a private equity fund offloaded some of their stake.
At 10:30 am, the stock was quoting at Rs 1,393 apiece on the National Stock Exchange, higher by 2.5 percent. Trading volumes at 566,064 were over 4x higher than 20-day average volume of 123,151.
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On December 15, the company informed exchanges that promoter groups Sapphire Foods Mauritius and Sagista Realty Advisors, and private equity fund WWD Ruby were intending to sell 40 lakh, 1.5 lakh and 31 lakh shares respectively.
Sapphire Foods' pre-IPO lock-in period expired on November 15, following which 43.3 percent of total shareholding was free to be sold.
In Q2FY23, Sapphire Foods recorded its highest ever revenue of Rs 560.4 crore with net profit at Rs 26.9 crore. In the year-ago period, Sapphire Foods had reported a loss of Rs 5 crore.
"KFC delivered same store sales growth of 15 percent and 36 percent increase in overall revenue. Due to the lower price increase against mid teens inflation, gross margins were impacted by 310 basis points," the company had said.