KFC, Pizza Hut Operator Sapphire Foods Hits Life High On Stock Split Record Date

Shares of Sapphire Foods India Ltd., the franchisee operator of brands such as Kentucky Fried Chicken, Pizza Hut, and Taco Bell, surged over 8% to reach an all-time high on Thursday—the company's record date to determine the eligibility of its equity shareholders for a share split.

As approved by shareholders during the company's 15th Annual General Meeting held on Aug. 9, the company will subdivide its existing equity shares—each with a face value of Rs 10 will be divided into five new shares, each with a face value of Rs 2.

Shares of the company rose as much as 8.21% to the highest level since its listing. However, they pared gains to trade 2.93% higher at Rs 346.40 apiece, as of 10:30 a.m., compared to a 0.02% decline in the NSE Nifty 50.

The stock has risen 21.75% year-to-date. Total traded volume so far in the day stood at 1.36 times its 30-day average. The relative strength index was at 69.10.

Out of 23 analysts tracking the company, 19 maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 2.4%.