Devyani International shares jump over 7%; Jefferies initiates 'buy' rating; check target price

Devyani International shares jump over 7%; Jefferies initiates 'buy' rating; check target price
© Provided by CNBCTV18

Devyani International Ltd share price jumped nearly 7.5 percent on Tuesday in early deals. The stock of the KFC, Pizza Hut and Costa Coffee operator opened 2.6 percent higher at Rs 142.70, from its previous close of Rs 139.05, and hit the day’s high at Rs 149.40. So far this year, the stock has corrected 23 percent.

Investor sentiment in the stock improved sharply as brokerage house Jefferies initiated a ‘buy’ rating with a target price of Rs 240 per share. It said the company is among the top quick-service restaurant players in India with portfolio of brands such as KFC and Pizza Hut among others. The brokerage has forecast an estimated EBITDA CAGR of 37 percent for FY20-24.

Devyani International had launched its Rs 1,838-crore initial public offering in early August and garnered a stellar subscription of 116.71 times, generating bids for 1,313.79 crore equity shares against an offer size of 11.25 crore equity shares.

The Devyani International stock price was listed at Rs 141 on the BSE and Rs 140.90 on the National Stock Exchange, against the issue price of Rs 90 per share on August 16.

Meanwhile, benchmark indices Sensex and Nifty50 jumped on Tuesday, tracking positive global cues. At 11.14 am, Sensex traded 360 points higher at 57,621, while the Nifty50 surged 107 points to trade at 17,161.

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