Devyani International witnessed a robust 8% surge in early BSE trade on Tuesday, December 19, following the company’s announcement of venturing into Thailand’s quick service restaurants (QSR) and limited service restaurants (LSR) market.
The day commenced with Devyani International’s share price at ₹190.10, a notable rise from the previous day’s close at ₹183.30, quickly soaring by 7.7% to reach ₹197.45.
In an exchange filing on December 18, the company disclosed that its subsidiary, Devyani International DMCC, Dubai, initiated its foray into the Thailand market. This move was facilitated through the signing of a share purchase agreement, enabling the acquisition of a controlling interest in Restaurants Development Co. Ltd. Thailand. The acquisition involved obtaining an equity stake in Restaurants Development and its holding companies, marking Devyani International’s strategic entry into the QSR and LSR segments in Thailand.
As of 12:21 pm, the shares sustained their positive momentum, trading 5.49% higher at ₹193.10.
