Barbeque Nation shares locked in upper circuit for 2 day

Published On: Thursday, April 8, 2021 | By: Team KnowMyStock

Shares of casual dining chain operator Barbeque Nation Hospitality on Thursday were locked in a 20 per cent upper circuit, for the second straight day, at Rs 708.45 on the BSE. Currently, the stock was up 42 per cent against its issue price of Rs 500 per share after a weak market debut, yesterday. On April 7, it made a weak start but immediately moved higher to trade with 20 per cent gains and closed at Rs 590.40 against the issue price of Rs 500 a share. Barbeque Nation Hospitality's ₹ 453-crore IPO was subscribed 5.98 times, according to data available on the stock exchanges. The strong presence in the Indian market positions the company well to capitalise on the growth in consumer spending from expected increases in the level of disposable income in India. The company would be spending around Rs 90 crore in the next two years to expand its restaurant (both ‘Barbeque Nation’ & ‘Toscano’) base in existing cities, ICICI Securities said.

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