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Burger King India share gains after three sessions, ends 10% higher

BusinessToday.In     December 22, 2020

Burger King India share ended almost 10% higher today amid bulk deal involving sale and purchase of shares. Share of Burger King India closed 9.64% or Rs 15.25 higher at Rs 173.45 against previous close of Rs 158.20 on BSE. The stock has gained after 3 days of consecutive fall.

Earlier, the stock opened with a gain of 3.98% at Rs 164.50. Market cap of the firm zoomed to Rs 6,619 crore on BSE. The stock touched an intraday high of Rs 174, rising 9.99% on BSE.

A week after listing of shares, the stock still stands 189% higher than its IPO issue price. On Thursday last week, the stock rose 265% higher than its issue price to Rs 219.15 in the fourth session of its listing on bourses. However, the share saw profit-booking in the same session and fell 10% to Rs 179.35 against previous close of Rs 199.25 on BSE.

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In the next two sessions, the share hit lower circuit of 10%, respectively.

The stock has been termed overvalued by analysts. Abhijeet Ramachandran, Independent Analyst/ Co-Founder and Trainer at Tips2Trade said, "Despite a phenomenal listing and subsequent upper circuit filters being seen every day, we maintain that Burger King is overvalued. Investors should keep booking profits at current levels and wait to re-enter at lower levels near 110 only."

The share saw bulk deals on NSE on December 21. Vaibhav Stock and Derivatives Broking Private Ltd bought 19.29 lakh shares of Burger King at Rs 161.21 per share. The company sold the same at Rs 161.28 apiece, according to the NSE bulk deals data.


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