Speciality Restaurants jumped 5.98% to Rs 128.50 at 14:46 IST on BSE after the company said it has incorporated a joint venture company with Al-Mohannadi Group in Doha, Qatar for the purpose of running and operating of restaurants in Doha, Qatar.
The company made the announcement during trading hours today, 16 January 2014.
Meanwhile, the S&P BSE Sensex was down 14.09 points or 0.07% at 21,275.40.
On BSE, so far 2.22 lakh shares were traded in the counter as against average daily volume of 34,541 shares in the past one quarter.
The stock was volatile. The stock surged as much as 12.16% at the day's high of Rs 136 so far during the day. The stock lost as much as 0.98% at the day's low of Rs 120.05 so far during the day. The stock had hit a 52-week high of Rs 191 on 30 April 2013. The stock had hit a record low of Rs 101 on 22 November 2013.
The stock had underperformed the market over the past one month till 15 January 2014, advancing 0.41% compared with the Sensex's 2.77% rise. The scrip had also underperformed the market in past one quarter, declining 3.5% as against Sensex's 3.61% rise.
The small-cap company has an equity capital of Rs 46.96 crore. Face value per share is Rs 10.
Speciality Restaurants said that a joint venture (JV) company has been incorporated in Doha, Qatar by the Al-Mohannadi Group, Qatar and Speciality Restaurants for the purpose of running and operating of restaurants in Doha, Qatar under the brand name of "Mainland China". The Al-Mohannadi Group and the company will hold 51% and 49%, respectively, of the share capital of the JV company. The JV and shareholders' agreement is presently in the process of being finalized, Speciality Restaurants said in a statement.
Speciality Restaurants' net profit fell 21.3% to Rs 4.02 crore on 12.7% growth in net sales to Rs 58.73 crore in Q2 September 2013 over Q2 September 2012.
Speciality Restaurants is the owner of restaurant brands like Mainland China, Flame & Grill, Machaan, Oh! Calcutta, Sigree and Haka.
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