Sunday, May 22, 2022

Jubilant FoodWorks acquires Fides Food Systems; stock of the company jumped 6% to 52-Weeks High

x Stocks of Jubilant FoodWorks, a company that runs Chinese restaurant chain brand Hongs Kitchen, along with Dominoz Pizza and Dunkin Donuts in India, gained 6% today, leading to the company’s rise Stocks reached their new 52-week high. Whereas today, the Sensex and Nifty declined by 2.25%. The company’s share price closed at Rs 3127.75, up 5.95% today. Its shares opened today at Rs 2959 and closed at Rs 2951.25 on the last trading session i.e. Friday.

The boom in stocks of Jubilant FoodWorks came after the announcement of the acquisition of Fides Food Systems by its wholly owned company Jubilant Foodworks Netherlands BV. Let us tell you that the company formed its wholly owned subsidiary Jubilant Foodworks Netherlands BV in the Netherlands last week, which tied up with Turkish Private Equity Fund II LP to acquire Fides Food Systems. is.

Let us tell you that Fides Food Systems has a 32.81% stake in DP Eurasia NV. DP Eurasia is a company listed on the London Stock Exchange with a franchise of Domino’s Pizza in countries such as Turkey, Russia, Azerbaijan and Georgia. Global brokerage firm Jefferies bought 32.81% stake in DP Eurasia by Jubilant FoodWorks at attractive valuations.

The brokerage firm has given Buy ratings to stocks of Jubilant FoodWorks and set a target price of Rs 3050 per share. At the same time, Global Credit Agency Credit Suisse said that the deal was done at a 20% discount from any franchisees of Domino’s Pizza. The agency retained the neutral stance on Jubilant FoodWorks stocks and gave a target price of Rs 2,450 only for its stocks.

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