Jubilant FoodWorks gains on foreign broker rating

Jubilant FoodWorks rose 2.15% to Rs 2,253.90 at 10:50 IST on BSE on reports a foreign broker maintained outperform with a target price of Rs 2,581.

Meanwhile, the S&P BSE Sensex was up 115.83 points or 0.35% at 33,252.01.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 82,513 shares in the past one quarter. The stock had hit a high of Rs 2,257.90 and a low of Rs 2,215 so far during the day. The stock had hit a record high of Rs 2,329.50 on 23 January 2018 and a 52-week low of Rs 817.60 on 30 May 2017.

The large-cap company has equity capital of Rs 65.98 crore. Face value per share is Rs 10.

The broker opines that the increasing comparative affordability is expected to drive the company's same-store sales growth (SSG). Store expansion to see uptick going forward, it added. The broker reiterated its view of Jubilant FoodWorks as its top pick in consumer discretionary space.

Jubilant FoodWorks' net profit jumped 230.6% to Rs 66.02 crore on 20.7% growth in net sales to Rs 795.17 crore in Q3 December 2017 over Q3 December 2016.

Jubilant FoodWorks is one of India's largest food service companies. The company also has exclusive rights for developing and operating Dunkin' Donuts restaurants for India and has Dunkin' Donuts restaurants across cities in India.

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