Devyani International stock traded higher on block deal

The shares of Devyani International were in focus today after Franklin Templeton Fund bought a 0.5% stake in the firm via a block deal on Tuesday. Franklin's India Flexi Cap Fund purchased about 62 lakh shares in open market transaction for Rs 89 crore. The deal was executed at an average price of Rs 145 per share.

Shares of Devyani International were trading slightly higher in early trade at Rs 142.85, compared to the previous close of Rs 142 on the BSE. The stock of Devyani International has lost 15.7% in the last year, slipping 21.42% this year. On BSE yesterday, the firm's total changed hands of 0.12 lakh shares, which is a turnover of 17.53 lakh.

The firm's market cap was at Rs 17,122 crore in early trade.

In terms of technicals, the relative strength index RSI of Devyani International stock is 24.9, signaling it is trading in the oversold zone. Average volatility in a year is indicated by the stock's beta of 1.0. Devyani International stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock of Devyani International has lost 7% in the last 11 days. Under the deal, Singapore's Temasek Holdings is offoaded via its subsidiary Dunearn Investment Mauritius 2.85% equity stake or 3.4 crore shares in the company for Rs 499 crore.

Temasek held a 5.88% stake in the company at the end of December 2022, according to the end of December 2022.

Devyani International is one of the largest franchises of Yum brands such as KFC, Pizza Hut and Taco Bells in the country. The company is a franchisee for the brand Costa Coffee and stores in India.

Devyani International reported a 7.6% increase in net profit to Rs 71 crore for the quarter ended December 31, 2022, against a net profit of Rs 66 crore in the corresponding quarter of the previous fiscal year.

Operating revenue increased by 27% at Rs 790 crore in Q 3 against Rs 624 crore reported in the same quarter last fiscal. Revenue from operations grew by 50% YoY to Rs 22,42 in 9 M FY 23. 7 crore from 1,493 is available. 2 crore in 9 M FY 22.