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.
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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.
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