Jubilant FoodWorks fell 2.87% to Rs 1,389.85 at 15:18 IST on BSE on reports that a foreign brokerage initiated coverage on the stock with an underweight rating, citing risk reward mismatch.
Meanwhile, the S&P BSE Sensex was up 115.99 points or 0.41% at 28,558.70.
On BSE, so far 93,000 shares were traded in the counter as against average daily volume of 36,394 shares in the past one quarter.
The stock hit a high of Rs 1,453 and a low of Rs 1,376 so far during the day. The stock had hit a 52-week low of Rs 938.60 on 30 April 2014. The stock had hit a record high of Rs 1,497.95 on 19 November 2014.
The stock had outperformed the market over the past one month till 3 December 2014, surging 14.35% compared with Sensex's 2.09% rise. The scrip had, however, underperformed the market in past one quarter, advancing 3.94% as against Sensex's 4.8% rise.
The mid-cap company has equity capital of Rs 65.54 crore. Face value per share is Rs 10.
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According to reports, while the brokerage expects Jubilant FoodWorks to benefit from an improving macro, the recovery is likely to be only gradual as it expects material same-store sales (SSS) growth recovery to be still 8-10 quarters away due to high competition. Jubilant FoodWorks will remain in investment mode, with 400 new stores planned over FY 2014-17, which should dampen near-term returns, the brokerage reportedly said.
Jubilant FoodWorks' net profit declined 12.7% to Rs 29.01 crore on 14.8% growth in net sales to Rs 501.08 crore in Q2 September 2014 over Q2 September 2013.
Jubilant FoodWorks & its subsidiary operates Domino's Pizza brand with the exclusive rights for India, Nepal, Bangladesh and Sri Lanka. The company is India's largest and fastest growing food service company, with a network of 806 Domino's Pizza restaurants (as of 30 October 2014).
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