Speciality Restaurants has rallied 14% to Rs 227, a sharpest single day gain since its listing on May 30, on back of huge volumes. As many as a combined 882,977 representing 5% of total free-float equity have changed hands on the counter till early noon deals against an average sub 370,000 shares that were traded daily in past ten trading days on both the exchanges.
The stock is outperforming the market by gaining 51% from its issue price of Rs 150 per share since its listing on the Bombay Stock Exchange, compared to around 4% rise in the benchmark index Sensex.
Speciality Restaurants, the fine dining chain in India with its flagship brand Mainland China raised Rs 176 crore through initial public offer. The company proposes to spend Rs 145 crore for development of new corporate restaurants, according to listing documents filed by the company.
Meanwhile, Reliance Mutual Fund had bought 457405 shares of the company at an average market price of Rs 158.88 per share on debut day.