Speciality Restaurants tempts investors after forming subsidiary in UK

Speciality Restaurants rose 1.42% to Rs 118.25 at 11:00 IST on BSE after the company said that it has incorporated a wholly owned subsidiary company in UK.

The announcement was made after market hours yesterday, 23 August 2017.

Meanwhile, the S&P BSE Sensex was up 5.50 points or 0.02% at 31,573.51. The S&P BSE Small-Cap index advanced 42.88 points or 0.28% at 15,618.39.

On the BSE, 197 shares were traded on the counter so far as against the average daily volumes of 42,714 shares in the past one quarter. The stock had hit a high of Rs 119.10 and a low of Rs 117 so far during the day. The stock had hit a 52-week high of Rs 128 on 9 August 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 23 August 2017, gaining 2.6% compared with 1.44% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 38.81% as against Sensex's 3.96% rise. The scrip had also outperformed the market in past one year, jumping 39.89% as against Sensex's 12.78% rise.

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

Speciality Restaurants has incorporated a wholly owned subsidiary company 'Speciality Hospitality UK Limited' as a private limited company, limited by shares which is registered with the registrar of companies for England and Wales, having its registered office at 134 Buckingham Palace Road, London, SW1W 9SA, United Kingdom on 22 August 2017.

The subsidiary has been formed with an initial subscription of 100 shares of one Pound each by the company. It is yet to commence its business operations.

The subsidiary has been incorporated to setup, own and operate restaurants.

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.

Powered by Capital Market - Live News