Multibagger small-cap stock Spice Lounge Food Works hit 5% upper circuit in Wednesday’s trading session despite stock market crash.
The small-cap stock opened at ₹23.42 on BSE today, as compared to previous close of ₹22.32 on Tuesday. The multibagger stock touched an intraday high of ₹23.43 on 2 September.
Meanwhile, benchmark indices Sensex and Nifty opened sharply lower on Wednesday, tracking weak global market trends and rising crude oil prices amid the escalating conflict in West Asia. The 30-share BSE Sensex fell 788.52 points to 76,155.76 in early trade, while the 50-share NSE Nifty declined 269 points to 23,786.80.
The stock rally came in amid higher trading volumes. According to data available on BSE, around 2.55 lakh shares changed hands during the intraday session on 2 September.
Spice Lounge Food Works recent business update
In an exchange filing dated 1 September, Spice Lounge Food Works said that the company has launched its Food Emulsifier & Agro Division, a new food emulsifiers, agri-sourcing and processing vertical, including agro chemicals, built to backward-integrate the Company’s supply chain, targeting revenue of approximately over ₹1,200 crore.
The new vertical will cater to the company’s restaurant, quick-service restaurant (QSR) and live-events business, including Xora World. In addition, it will operate independently as a B2B supplier of food emulsifiers and ingredients to hotels, QSR chains and food processing units.
Earlier, the company had announced an accelerated expansion into India’s live entertainment space through its events and entertainment vertical, Xora World. The vertical unveiled a four-event portfolio spanning destinations from Goa and Tirupati to Hyderabad. The line-up, featuring two of India’s prominent playback singers and a first-of-its-kind global dance festival, is expected to generate more than ₹20 crore in revenue and represents Xora World’s most significant move towards establishing a nationwide presence.
“Food Emulsifier, agro-chemical partnerships, farm-gate sourcing tie-ups and processing infrastructure commissioning are currently underway, with processing capacity scale-up, B2B/institutional supply onboarding, and export and global joint-venture partnerships to follow,” the company said.
Spice Lounge Food Works Limited is a diversified global hospitality and lifestyle company focused on creating distinctive food, beverage and experiential offerings across markets. Its portfolio comprises proprietary and franchised brands spanning multiple international cuisines, casual dining formats, premium pubs, nightlife venues and live entertainment platforms.
Its brand ecosystem features international franchise relationships and original concepts such as Blaze Kebabs, Xora, Salud, Buffalo Wild Wings and Wing Zone, among others.
Spice Lounge Food Works share price trend
The share price trend of Spice Lounge Food Works has remained largely negative amid weak market sentiments. The small-cap stock has slipped 11% in a week and 4% in a month.
Furthermore, the stock has fallen 26% on year-to-date (YTD) basis and 52% in a year.
Looking at the broader level, the stock has delivered multibagger returns of 409% in two years and 1,037% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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