Devyani International IPO

At 09:15 am, around 28.95 million equity shares representing 2.4 per cent of the total equity of the company changed hands on the BSE, the exchange data shows.

The strong store additions coupled with early signs of demand revival supported growth during the quarter.

Value players, or those catering to price sensitive customers, may see growth and profitability concerns, they said

Instead of a recovery in gross margins in fiscal 2022-23 (FY23), Jefferies now builds-in 50-200 basis point (bps) YoY decline, assuming crude stays closer to $100 a barrel and palm oil at $1,500/MT

On Wednesday, December 8, 2021, the brokerage firm Motilal Oswal Financial Services initiated coverage on Devyani with a Buy rating and target price of Rs 190.

Motilal Oswal Institutional Equities has initiated coverage on Devyani with a Buy rating and target price of Rs 190, driven by KFC's strong brand equity and operating metrics

In Q2FY22, the company posted consolidated profit after tax of Rs 46.6 crore as against a net loss of Rs 65.5 crore in Q2FY21.

The 30-day lock-in period for anchor investors ends on Monday for all the four companies

The four IPOs cumulatively generated bids worth Rs 1.7 trillion and attracted over 10 million retail applications

The advance-decline ratio remained skewed in favour of seller, highlighting underlying bearishness in market.

The stock listed at Rs 141, a 57 per cent per cent premium over the issue price of Rs 90 per share on the BSE and the NSE

Oil and Natural Gas Corp's net profit soared by nearly 800 per cent in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production

The broader market, however, saw profit booking as, both, the BSE Mid and SmallCap indices declined 1 per cent each.

At the upper end of the price band, Devyani is offered at 9.5x market capitalisation/sales as per FY21 financial statement, compared to peers like Jubilant Foodworks (15x), Westlife Development (8.8x)

Technical analysts say the market remains in an uptrend as the index has managed to find support at its 50-day moving average

Ravi Kant Jaipuria-promoted Devyani International prices its IPO between Rs 86-90

Devyani runs the franchises for Pizza Hut, KFC and Costa Coffee, apart from a handful of in-house brands