Shares of Restaurant Brands Asia surged as much as 14.46% intraday, the most since May 18 when it hit the upper price band at 20%. The stock pared some gains and was trading 12.88% higher at Rs 135.8 apiece at 9:53 a.m. as compared with a gain of 0.15% in the NSE Nifty 50.
The average traded volume so far in the day stood at 9.56 times its monthly average, while the relative strength index was at 69.4, indicating the stock may be overbought.
Of the 10 analysts tracking the company, five maintain a ‘buy’ rating, two maintain a ‘hold’, and three suggest to ‘sell’, according to Bloomberg data. The average of 12-month price targets implies a potential downside of 5.8%.
