Jubilant Foodworks spikes 3% on Goldman Sachs buy rating

Shares of Jubilant Foodworks , the master franchisee of Dominos international in India, Bangladesh, Nepal and Sri Lanka, gained as much as 3.4 percent intraday on Tuesday after Goldman Sachs recommended a buy rating on the stock with a target price of Rs 1,704.

The research firm feels multiple store launch announcements, news on corporate tie-ups & pacts with developers and managing large business parks are the key catalysts for the stock.

On November 8, in an interview to CNBC-TV18 after its results announcement, Ravi Gupta, CFO of Jubilant Foodworks said, "Today we are present in 112 cities. The rest of the stores also include some new cities and will be added. So historically, we have been adding about 15-20 cities every year."

"So, looking past couple of years, we may add about 12-15 cities more this year," he added.

The company reported a 36 percent rise year-on-year in its net profit to Rs 32.3 crore for the quarter ended September 30, 2012 on the back of robust sales.

At 09:55 hours IST, the stock rose 1.84 percent to close at Rs 1,304.40 amid high volumes.

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