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Burger King share rises 4% ahead of Q4 earnings
Burger King stock touched an intraday high of Rs 159.05, rising 4.02% against previous close of Rs 152.90 on BSE
BusinessToday.In | May 26, 2021 | Updated 11:57 IST
Share of Burger King has gained 12.14% in the last 5 days. Burger King share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Burger King share was trading higher ahead of the firm's earnings for quarter ended March set to be announced today. The stock touched an intraday high of Rs 159.05, rising 4.02% against previous close of Rs 152.90 on BSE.
Share of Burger King has gained 12.14% in the last 5 days. Burger King share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a month, the stock has gained 21%. Total 3.57 lakh shares of the firm changed hands on BSE amounting to turnover of Rs 5.64 crore.
MUMBAI: The listing of Burger King in mid-December was seen as one of the highlights of ongoing Bull Run in the Indian stock market. The company’s shares, which were priced at Rs 60 apiece during the IPO, more than doubled investors’ money in market debut.
In the subsequent days, the stock nearly quadrupled from its IPO price to hit a high of Rs 214. Those rapid gains changed the narrative around Burger King’s IPO, as the stock went from being the poster child of the bull market to a symbol of the euphoria among investors.
Domestic mutual funds, who had invested in the company’s anchor issue, perhaps thought the same way, as they dumped a large number of shares of the company once their lock-in period ended in January. Seven out of the eight mutual funds, which had participated in Burger King’s anchor issue, sold a large portion of their allotted shares in January.