NEW DELHI: On one side Jubilant Foodworks continues to face market wrath for weak Q3 numbers and not disclosing same store sales growth data (SSSG) for the quarter, on the other its Barbeque Nation surpassed all estimates when it released its December quarter numbers.
The company said its revenue grew 47 per cent year-on-year, while Ebitda rose 41 per cent. Same store sales growth stood at an impressive 43 per cent. What is even more impressive is that the company is trying to remodel itself as a food services company from just a casual dining restaurant, finding new streams of revenue.
Following the earnings, investors rushed to buy its shares. The stock ended up over 2 per cent.
The C-word
It is not often the Competition Council of India (CCI) slaps such heavy penalties that grab market attention, but on Thursday, everyone was surprised when it imposed heavy penalties on five tyre manufacturers accusing them of “indulging in cartelisation”.
A penalty of Rs 425.53 crore was levied on Apollo Tyres, Rs 622.09 crore on MRF Ltd, Rs 252.16 crore on CEAT Ltd, Rs 309.95 crore on JK Tyre and Rs 178.33 crore on Birla Tyres, the CCI said in a statement.
Though most of them are likely to challenge the order in court, with MRF confirming the move on the same day, shares of these companies were hit. Birla Tyres and JK Tyres were the biggest losers among them while MRF settled largely flat.
The industry could see an overhang of the order for some time as the legal battle drags on.
Disappointing debut
Garware Hi-Tech Films is a proven multibagger of the last five years. It has rallied over six times in the period, trading only on BSE. However, to “increase investors’ participation and enhance shareholder value” the stock debuted on NSE on Thursday as well.
“After launching new product lines, re-branding our products and changing the company’s name to align with our new vision and growth strategy, the next logical step was to list on NSE, India’s premier stock exchange,” Garware Hi-Tech Films Vice-Chairperson and Joint Managing Director Monika Garware said.
On the first day of trading on both exchanges, the stock ended down about 2 per cent, falling along with the market.
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