Westlife Development hits 52-week high

Westlife Development surged 7.19% to Rs 263.80 at 14:45 IST on BSE amid reports that the company may be a front-runner in getting the rights to operate more McDonald restaurants in the North and East of India.

Meanwhile, the S&P BSE Sensex was up 83.39 points or 0.27% at 31,342.24. The BSE Mid-Cap index was down 46.03 points or 0.31% at 14,941.40.

High volumes were witnessed on the counter. On the BSE, 2.32 lakh shares were traded on the counter so far as against the average daily volumes of 49,780 shares in the past one quarter. The stock had hit a high of Rs 282.80 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 255.10 so far during the day. The stock had hit a 52-week low of Rs 152 on 23 December 2016.

The stock had outperformed the market over the past one month till 21 August 2017, rising 0.47% compared with 2.4% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 15.32% as against Sensex's 2.61% rise. The scrip had also outperformed the market in past one year, gaining 15.16% as against Sensex's 11.33% rise.

The mid-cap company has equity capital of Rs 31.11 crore. Face value per share is Rs 2.

Westlife Development through its unit Hardcastle Restaurants owns master franchisee rights of McDonald's in West and South India, report said.

McDonald has snapped its franchisee agreement with Connaught Plaza Restaurants. Connaught Plaza Restaurants (CPRL) owned 169 outlets in total, including 43 in and around Delhi that have already been shut down.

On consolidated basis, Westlife Development reported net profit of Rs 0.23 in Q1 June 2017 compared with net loss of Rs 2.1 crore in Q1 June 2016. Net sales rose 14.9% to Rs 260.01 crore in Q1 June 2017 over Q1 June 2016.

Westlife Development has widespread interests in trading, hospitality and quick service restaurant industry.

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