Jubilant Foodworks has surged 2.5% after foreign fund house Morgan Stanley Asia (Singapore) bought additional shares of the company for over Rs 37 crore on Wednesday.
According to data available with the stock exchanges, Morgan Stanley Asia (Singapore) Pte purchased 3.36 lakh shares of Jubilant FoodWorks on the National Stock Exchange (NSE). The shares were purchased at an average price of Rs 1,116.62, valuing the deal at Rs 37.55 crore, data showed.
Meanwhile, Deutsche Bank upgraded its ratings on Jubilant Foodworks Ltd to "buy" from "hold", saying the recent underperformance of shares did not properly factor in the fast food chain operator's ability to sustain "strong" earnings growth.
The stock opened at Rs 1,137. It surged to a high of Rs 1,175 and is currently trading at Rs 1,168 - up Rs 31 or 2.6% from the previous close. Around 1,97,000 shares have changed hands on the counter on BSE so far, as against a two-week average of 2,15,000 shares.
