KFC operator Sapphire Foods fixes record date for stock split, shares rise 

Shares of Sapphire Foods gained over 4% today after the board of the firm fixed September 5, 2024 as the record date for determining entitlement of equity shareholders for the purpose of subdivision/ split of existing equity shares.  Sapphire Foods stock rose 4.39% to Rs 1628.25 against the previous close of Rs 1559.75 on BSE.

The stock has risen 17.23% in the last one year and gained 10.73% since the beginning of this year.

Sapphire Foods shares have a beta of 0.2, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 45.7, signaling it's trading neither in the overbought nor in the oversold zone. 

Sapphire Foods stock is trading higher than 5-day, 100 day, 150 day, 200 day and lower than the 10 day, 20-day, 30 day and 50-day moving averages. The stock hit a record high of Rs 1878 on July 1, 2024 and fell to a 52 week low of Rs 1218.50 on November 2, 2023.

The board of the firm approved the split of existing equity shares from 1 equity share to 5 equity shares on June 19 this year. The announcement was made after market hours.

The stock split will be placed before the shareholders in the 15th annual general meeting of the company date for which was yet to be announced. “Record date for the purpose of subdivision/split of existing equity shares of the company will be intimated in due course and at an opportune time,” said the firm in a communication to bourses.

The stock split is expected to be completed within three months from the date of approval of the members of the company, subject to completion of the necessary formalities. 

Sapphire Foods India is principally engaged in the franchisee business of KFC, Pizza Hut and Taco Bell branded restaurants.