Sapphire Foods shares surge over 7% on nod to stock split, check details

Shares of Sapphire Foods gained over 7% today after the board of the firm approved the split of existing equity shares of the company from 1 equity share to 5 equity shares. The announcement was made after market hours on Wednesday. Sapphire Foods stock rose 7.4% to Rs 1,672.75 today. A total of 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 4.15 crore on BSE. Market cap of the firm climbed to Rs 10,172 crore.

A total of 0.26 lakh shares of the firm changed hands amounting to a turnover of Rs 4.15 crore on BSE.

Sapphire Foods shares ended 2.87% higher at Rs 1557.50 on Wednesday against the previous close of Rs 1514 on BSE.

The stock has risen 13.33% in the last one year and gained 11.37% 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 71.4, signaling it's trading in the overbought zone. Sapphire Foods stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock hit a record high of Rs 1699.95 on April 4, 2024  and  fell to a 52 week low of Rs 1218.50 on November 2, 2023.

The stock split will be placed before the shareholders in the 15th annual general meeting of the company date for which us 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.