Sapphire Foods gains 2.6% as institutional investors pick up stake

WWD Ruby, one of their biggest foreign investors with a 4.77 percent shareholding in the company, sold 30 lakh shares for Rs 417 crore at an average price of 1377.10. However, large investors bought a total of 12.53 lakh equity shares in Sapphire Foods.

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Sapphire Foods India Ltd shares, which gained 2.8 percent in the past two days, continued the climb on June 28 and gained 1.91 percent to end the day at Rs 1,417.60.

Dealers said recent purchases by institutional investors Goldman Sachs and Nomura have improved sentiment for the stock.

Sapphire Foods, one of Yum! Brands Inc.’s major franchises, is one of the largest restaurant operators, operating over 400 KFC, Pizza Hut and Taco Bell locations in India, Maldives and Sri Lanka

WWD Ruby, one of their biggest foreign investors with a 4.77 percent shareholding in the company, sold 30 lakh shares for Rs 417 crore at an average price of Rs 1,377.10.

However, large investors bought a total of 12.53 lakh equity shares in Sapphire Foods. At the same average price of Rs 1,377.10, Societe Generale purchased 4,73,000 shares, Nomura Trust and Banking Co Ltd, as the trustee of Nomura India Stock Mother Fund, purchased 4,38,705 shares, and Goldman Sachs (Singapore) purchased 3,42,000 shares. Nippon Mutual Fund, which already owns 5.56 percent of Sapphire Foods, recently bought additional 4.6 lakh shares for Rs 64 crore.

The firm generated a total income of Rs 571.80 crore and an EPS of Rs 36.29 crore in FY23. On the other side, due to inflation and higher expenses, the share price fell short by around 3 percent on May 15. This caused the company to fall short of its March quarter results.