Shares of Devyani International Ltd. surged over 5% to the highest in nearly three weeks after 4.3% equity changed hands in pre-market trade on Wednesday.
The quick-service restaurant operator is the franchisee for Yum Brands, which operates KFC, Pizza Hut and Taco Bell in India.
At least 5.23 crore shares changed hands in large trades, according to Bloomberg data. The buyers and sellers were not known immediately.
US-based Yum Restaurants India Pvt. plans to divest its entire 4.4% stake in Devyani International through open-market transactions, according to a Bloomberg report.
On the NSE, Devyani International's stock rose as much as 5.59% during the day to Rs 175 apiece, the highest since Feb. 2. It was trading 1.75% higher at Rs 168.65 per share, compared to a 0.05% decline in the benchmark Nifty 50 at 11:25 a.m.
The share price has risen 10.36% on a year-to-date basis. The total traded volume so far in the day stood at 7.2 times its 30-day average. The relative strength index was at 51.69.
Fifteen out of the 22 analysts tracking the stock have a 'buy' rating on the stock, three recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside 9.8%.
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