Specialty Restaurants gains on incorporating US subsidiary

Speciality Restaurants informed the exchanges on Wednesday that it has incorporated a wholly owned subsidiary (WOS) company, namely Speciality Hospitality US. Following the development, shares of the company gained over 4 per cent intraday in the first half of Wednesday’s session.

Speciality Hospitality US is registered with Office of the Secretary of State of Texas. The wholly owned subsidiary has been incorporated to setup, own and operate restaurants in United States of America.

Speciality Restaurants focuses on providing the guests an affordable fine dining experience with quality food and service in a modern ambience. The company’s restaurants consist of different restaurant concepts and are located across India, particularly in the western region.

At present, the company derives 50 per cent of its revenue from Mainland China restaurants. The management is expecting its existing brands like Café Mezzuna, Hoppipola, Zoodles and Gong, along with some new ones,  Episode and Hay, to lead the Speciality Restaurants’ growth story in the years ahead.

The shares of Speciality Restaurants on Wednesday opened at Rs. 71.75 against Tuesday’s close of Rs. 70.35. At 13:08 hours, the stock was trading at Rs. 72, gaining 2.35 per cent from its previous close. The stock hit an intraday high of Rs. 73.10 and intraday low was Rs. 71.75. Its 52-week high was Rs. 116 and 52-week low was Rs. 56 per share on the BSE.