Shares of Westlife Foodworld Ltd. gained on Tuesday after the Food Safety and Standards Authority of India verified that McDonald's used '100% real cheese' in its food.
FSSAI had sent a notice seeking information on the raw materials that McDonald's used in its products, after the Maharashtra Food and Drugs Administration had found certain outlets of the fast food chain used cheese analogues or proprietary foods instead of cheese in its products.
“Articles in question contain cheese or cheese products as a part of composition and does not contain analogue in dairy context in any form," a release by FSSAI stated.
Shares of the company rose as much as 6.69%, the highest level since Feb. 27, before paring gains to trade 6% higher at 2:45 p.m. This compares to a 0.16% decline in the NSE Nifty 50.
The stock has risen 14.58% in the last 12 months. Total traded volume so far in the day stood at 6.33 times its 30-day average. The relative strength index was at 47.49.
Of the 24 analysts tracking the company, 15 maintain a 'buy' rating, five recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 15.4%.
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