Shares of specialty restaurants hit an all-time high of Rs 268.10 in intraday trade on Friday, up 6% amid a weak market. Shares of the restaurant company have soared 20% over the past two sessions. The S&P BSE Sensex was down 0.15% at 60,263 at 10:11 am.

Specialty Restaurant is the leading fine dining restaurant operator in Mainland China, Asian Kitchen in Mainland China, Oh! Calcutta and Sigree-Global Grill, as its top brands, were quoted up 4% to Rs 264.30 as volumes more than tripled. A combined 1.2 million shares changed hands on the NSE and BSE, representing nearly 2.5% of the company’s total share capital.

Specialty Restaurants has been in the catering and confectionary business for over 25 years in India, Qatar, UAE and the UK.

As of September 30, 2022, the company has 83 restaurants and 38 confectionary stores in 14 cities in India, 2 “Asia Kitchen by China” restaurants in the UAE, and 1 “Riyasat” restaurant in Doha, Qatar. The company also has a joint venture restaurant in London called “Chourangi”.

The stock has rallied 122% over the past six months, compared with a 12% gain for the S&P BSE Sensex. Plus, it’s up 183% over the past year, compared with the benchmark index’s gain of 1.1%.

On December 21, 2022, the Board of Specialty Restaurants approved the issuance of 6 million warrants, each warrant convertible or exchangeable for one share in the company for Rs 212.05 per share, amounting to Rs 127.23 crore for excluded promoters on a preferential basis.

To obtain the approval of the company’s shareholders for the above matters, the board of directors has scheduled an Extraordinary General Meeting (EGM) on January 18, 2023.

At the same time, India’s food and beverage industry has great potential, and the domestic market has substantial growth opportunities. Management says the company is well-positioned to capitalise on these growth opportunities, and its brands are well-positioned to appeal to consumers’ taste buds.

The company continues to focus on controlling costs and enhancing the value proposition for guests. Delivery through kitchen-in-kitchen and cloud kitchens still represents a significant portion of total revenue. Management said the company worked hard to maintain profitability by improving overall margins, reducing inflationary pressure on input costs, and continuing to remain debt-free.