Jubilant FoodWorks Expansion Plans Seemingly Fail To Cheer Investors, Analyst
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of Jubilant FoodWorks continued the five-session losing streak on Thursday even as the company announced a plan of expanding the Popeyes franchise.

What Happened: The company on Wednesday celebrated the first year anniversary of Popeyes in India. On the occasion, the company announced that it aims to expand the franchise to 50 stores in the coming year. Popeyes currently has 13 outlets in the country -12 in Bangalore and one newly opened in Chennai.

The Domino’s and Dunkin Donuts India operator also announced an exclusive offer where fans will get free chicken between March 18 – 19.

See Also: Why Patanjali Foods Shares Are Down Today

However, the announcements seem to have failed to cheer investors. Even global analyst firm JP Morgan seem unimpressed by the announcement as the company maintained its ‘neutral’ rating for the stock with a price target of ₹485. The firm said while the company’s Popeyes store additions will accelerate in FY24 risks in Domino’s business can harm the company’s earnings.

Price Action: Jubilant FoodWorks shares were down 0.36% to ₹425.55 as the markets opened on Thursday.

Read Next: Why This Nestle Analyst Is Unimpressed With 66% Jump In Q3 Profits

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Domino’sDunkin’ DonutsFast FoodJP MorganJubilant FoodWorksPopeyes Chicken