GST cut effect: Sapphire Foods, Devyani International, Jubilant Foods shares gain up to 7%; more details 

Shares of quick service restaurants such as Sapphire Foods, Devyani International and Jubilant Foods rose up to 7% in early deals on Thursday as GST on UHT milk, paneer chenna, all types of Indian breads, and parathas has been cut from 5% to nil.

Sapphire Foods stock rose 7.36% to Rs 347 on BSE. Market cap of the firm stood at Rs 10,552 crore.

Shares of quick-service restaurant (QSR) operator and the largest franchisee for Yum Brands (KFC and Pizza Hut) in India Devyani International rose 4.34% to Rs 182.60. Market cap of the firm stood at Rs 22,199 crore.

Jubilant Foods, which holds the master franchise rights for two international brands, Domino's Pizza and Dunkin' Donuts, saw its stock rising 4.54% to Rs 663.60 on BSE. Market cap of the firm stood at Rs 43,219 crore.

On Wednesday, the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved significant changes to the GST rate structure aimed at simplifying compliance, rationalising tax slabs, and providing relief to households, the middle class, and businesses.

Addressing the media after the meeting, Sitharaman said the Council had reduced the number of slabs and was also reviewing the issue of compensation to states.