Barbeque-Nation slumps on large volumes

Barbeque-Nation Hospitality tumbled 5.90% to Rs 1175.10, amid heavy volumes.

On the BSE 6.40 lakh shares were traded in the counter so far compared with average daily volumes of 0.07 lakh shares in the past three months.

On the NSE, 83.45 lakh shares were traded in the counter so far compared with average daily volumes of 0.80 lakh shares in the past three months.

On the technical front, the stock's RSI (relative strength index) stood at 37.055. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1300.13, 1369.57 and 1234.17, respectively.

Barbeque Nation is a food services company. It currently owns and operates 169 outlets across India and 3 other countries. The company pioneered the format of 'over the table barbeque' concept in Indian restaurants. The company has a majority stake in 'Red Apple Kitchen', which operates 10 Italian cuisine restaurants under the popular brand 'Toscano'.

The company reported a consolidated net profit of Rs Rs 14.16 crore in the quarter ended December 2021 as against net loss of Rs 0.90 crore during the previous quarter ended December 2020. Sales rose 47.14% YoY to Rs 286.67 crore in Q3 FY22.

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