Insider buying and FSSAI green light: Mid-cap stock on radar as FSSAI verifies use of 100 per cent real cheese!

Horizon Impex Private Limited (promoter) disclosed under SEBI Prohibition of Insider Trading regulations its acquisition of 20,000 and 27,000 Equity Shares

The NSE benchmark Nifty 50 index concluded its four-day winning streak on Tuesday, closing down by 0.22 per cent. Despite a dip, Nifty managed to recover nearly 90 points from the day’s low; however, it closed below the prior day’s low, marked by a Doji candle’s low. Concurrently, Wall Street experienced a downturn, particularly in the technology sector, following a nearly 3 per cent drop in Apple's share price. Reports indicated a significant decline of almost 24 per cent in iPhone sales in China during the first six weeks of the year.

Amidst this market turbulence, attention turns to Westlife Foodworld Ltd., a Mid-Cap stock poised for action amidst favorable conditions. Westlife Foodworld Ltd., formerly known as Westlife Development Limited, is one of the fastest-growing entities in India’s quick service restaurant (QSR) sector. Focused on establishing and operating McDonald’s restaurants across West and South India, through its wholly owned subsidiary Hardcastle Restaurants Pvt. Ltd. (HRPL), the company has recently garnered attention due to a fake cheese controversy.

However, the Food Safety and Standards Authority of India (FSSAI), under the administration of the Ministry of Health and Family Welfare, Government of India, has verified the cheese used by McDonald’s India as ‘100 percent Real Cheese.’ This verification reaffirms the brand’s commitment to using genuine cheese without any analogues or substitutes in its products. Additionally, McDonald’s India (W&S) received test results from a NABL (National Accreditation Board for Testing and Calibration Laboratories) accredited lab, confirming the use of 100 per cent Real Cheese across its products. Consequently, the stock reacted positively on Tuesday, closing higher by 8 percent.

Of note, Horizon Impex Private Limited (promoter) disclosed under SEBI Prohibition of Insider Trading regulations its acquisition of 20,000 and 27,000 Equity Shares in Westlife Foodworld Ltd. at average prices of Rs. 748.6 and Rs. 743.4, respectively, as reported to the exchange on March 4, 2024.

Disclaimer: The article is for informational purposes only and not investment advice.