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Speciality Restaurants gains on pact to open restaurants

Capital Market 

Speciality Restaurants rose 3.48% to Rs 121.80 at 9:21 on after the company said it has entered into a franchise agreement with Resolute Restaurant Management LLC to open restaurants in

The announcement was made after market hours yesterday, 12 July 2017.

Meanwhile, the S&P Sensex was up 198.61 points or 0.62% at 32,003.43. The S&P Small-Cap index advanced 81.05 points or 0.51% at 15,978.06.

On the BSE, 6,527 shares were traded on the counter so far as against the average daily volumes of 39,903 shares in the past one quarter. The stock had hit a high of Rs 123.50 and a low of Rs 120.50 so far during the day. The stock had hit a 52-week high of Rs 124.65 on 7 July 2017 and a record low of Rs 59.50 on 15 March 2017.

The stock had outperformed the market over the past one month till 12 July 2017, surging 48.61% compared with the Sensex's 2.28% rise. The stock had also outperformed the market over the past one quarter, advancing 36.07% as against the Sensex's 7.29% rise. The scrip had also outperformed the market over the past one year, gaining 23.89% as against the Sensex's 14.37% rise.

The small-cap company has equity capital of Rs 46.96 crore. Face value per share is Rs 10.

Speciality Restaurants said it has entered into a franchise agreement on 11 July 2017 with Resolute Restaurant Management LLC (the 'franchisee'), granting the latter right to open three franchise restaurants under brand 'Mainland China Asia Kitchen' in United Arab Emirates within the time stipulated in the franchise agreement. First franchise restaurant will be opened at BurJuman Mall, New Wing, in Dubai, United Arab Emirates. The company will manage the day-to-day operations of restaurant and charge franchise fees and management fees, in accordance with the terms of the franchise agreement.

Speciality Restaurants reported net loss of Rs 9.71 crore in Q4 March 2017, higher than net loss of Rs 4.03 crore in Q4 March 2016. Net sales declined 8% to Rs 69.49 crore in Q4 March 2017 over Q4 March 2016.

Speciality Restaurants is the owner of restaurant brands like Mainland China, Flame & Grill, Machaan, Oh! Calcutta, Sigree and Haka.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 09:21 IST