Devyani International stock jumps after 4.3% equity changes hands via block deals

Devyani International shares jumped on Wednesday (February 21) after Zee Business reported that 4.3 per cent equity of the quick-service restaurant operator changed hands through multiple block deals. The stock of Devyani International, which operates Pizza Hut, Costa Coffee and KFC restaurants in the country, jumped by as much as Rs 9.2, or 5.5 per cent, to Rs 175 apiece on BSE.

According to Zee Business, 5.23 crore Devyani International shares, representing 4.3 per cent of the QSR operator’s total equity, changed hands through block deals.

At 11:12 am, Devyani International shares were up 2.1 per cent at Rs 169.4 apiece aid high volumes. As many as 8.0 lakh shares of the company changed hands in intraday trade so far, as against a daily average of 3.2 lakh in the past two weeks, according to provisional exchange data.

Zee Business reported earlier that Yum Restaurants India was likely to sell its entire 4.4 per cent stake for a total of Rs 814.8 crore through the deal.

As of December 31, 2023, Yum Restaurants India held a 4.4 per cent stake in Devyani International.

How Devyani International fared in Q3

The KFC and Pizza Hut operator's consolidated net profit fell to Rs 9.6 crore for the third quarter ended December 31, from Rs 71.6 crore for the corresponding period a year ago, according to a regulatory filing.

Its quarterly revenue from operations grew to Rs 843 crore from Rs 791 crore a year ago.

Devyani International share price performance 

In a year, Devyani International shares have gained over 10 per cent, underperforming a rally of 24 per cent in the headline Nifty50 index. 

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