Devyani International's stock down by more than 5% today following bulk deal in its shares

23 Aug 2022 , 10:19 AM

In Tuesday’s intraday session on the BSE, shares of Devyani International (DIL) fell 7% to Rs182.50 after block agreements resulted in the transfer of more than 2% of the company’s total stock. Approximately 28.95 million equity shares, or 2.4% of DIL’s total equity, were traded on the BSE at 09:15, according to exchange data. It took some time to determine the names of the purchasers and vendors.

The promoters owned 62.80 % of DIL as of June 30, 2022. According to data on shareholding patterns, Dunearn Investments (Mauritius) Pte Ltd possessed 98 million shares, or 8.13 % of the firm, among the public shareholders. The stock was trading 4% lower at Rs187.40 at 09:20 AM, while the S&P BSE Sensex was down 0.58 %. On the BSE and NSE, 36.98 million equity shares were traded in total.

The stock has reversed 15% as of today’s decline from its record high of Rs215 reached on August 18, 2022. The stock outpaced the market in the past month, rising by 11% compared to Sensex’s 4% increase. It gained 57% during the previous year compared to the benchmark index’s 6% rise.

In August of last year, DIL made its stock market debut. Shares were sold by the corporation for Rs90 each. DIL is one of the biggest chain quick-service restaurant operators and the largest Yum Brands franchisee in India (QSRs). In order to defend and manage the franchisor’s brand, it works with Yum on a number of fronts, including product development, brand strategy, and technological projects, for KFC and Pizza Hut. Devyani also owns outlets as a franchisee for the Costa Coffee brand in India.

The goal of DIL, according to the company’s FY22 annual report, is to keep expanding its store base across the Core Brands while putting an emphasis on unit-level performance to grow its Core Brands delivery business.