Westlife Development was up 3.31% to Rs 216.70 at 11:57 IST on BSE on reports a foreign brokerage has initiated coverage on the stock with buy with a target price of Rs 300.
Meanwhile, the S&P BSE Sensex was down 211.54 points or 0.72% at 29,209.86. The BSE Mid-Cap index was down 38.69 points or 0.28% at 13,810.49.
On the BSE, 2.74 lakh shares were traded on the counter so far as against the average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 222.90 and a low of Rs 214 so far during the day.
The stock had hit a 52-week high of Rs 259.90 on 5 July 2016 and a 52-week low of Rs 152 on 23 December 2016. It had underperformed the market over the past one month till 24 March 2017, sliding 0.26% compared with the Sensex's 1.83% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 26.43% as against the Sensex's 12.98% rise.
The mid-cap company has equity capital of Rs 31.11 crore. Face value per share is Rs 2.
Meanwhile, Westlife Development after market hours on Friday, 24 March 2017, announced that its board of directors approved the proposal of investment in the equity shares offered on rights basis to the company by Hardcastle Restaurants, against inter corporate loan borrowed by it from the company. Hardcastle Restaurants is a wholly owned subsidiary of Westlife Development.
On consolidated basis, Westlife Development reported net loss of Rs 1.71 crore in Q3 December 2016 compared with net profit of Rs 0.23 crore in Q3 December 2015. Net sales rose 13.2% to Rs 238.04 crore in Q3 December 2016 over Q3 December 2015.
Westlife Development has widespread interests in trading, hospitality and quick service restaurant industry.
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