Small-cap FMCG stock Spice Lounge Food Works hit its upper circuit on the BSE on Wednesday, 15 July, a day after the company announced it had opened its first Wing Zone Outlet in Bengaluru.
Spice Lounge Food Works share price opened at ₹25 against its previous close of ₹24.16 and hit its 5% upper price band of ₹25.36. The FMCG stock closed at this level.
Spice Lounge Food Works business update
In an exchange filing after market hours on 14 July, Spice Lounge Food Works said it has secured the exclusive master franchise rights for Wing Zone, the internationally recognised American quick service restaurant (QSR) brand renowned for its bold chicken flavours, signature sauces and premium-quality offerings.
Under this partnership, Spice Lounge Food Works will lead the development of the Wing Zone brand in India, restaurant operations and brand management, as well as the nationwide expansion across multiple cities.
“This partnership marks an important milestone in our long-term growth strategy and reinforces our commitment to building a diversified, multi-brand food services platform in India,” said Mohan Babu Karjela, Chairperson and Director, of the company.
India’s First Wing Zone outlet was opened at Koramangala, Bengaluru. The company plans to open additional outlets across Bengaluru in the next phase of expansion. Later in Phase 3, Wing Zone outlets will be opened in Hyderabad, Chennai, and in other major metropolitan cities.
Spice Lounge Food Works share price trend
Spice Lounge Food Works shares have delivered multibagger returns over the longer timeframe of two, three, and five years.
Over the last 2 years, the stock has surged 466%, while in the last 3 and 5 years, it has jumped 394% and 1,187%, respectively, as per BSE data.
However, year-to-date, the stock is down 33%. The small-cap stock hit a 52-week low of ₹16.21 on 20 May this year after hitting a 52-week high of ₹72.20 on 24 November last year.
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