Following the company’s fund-raising plan announcement, shares of LT Foods increased 4% in intraday trading on the BSE on Thursday, reaching a new high of Rs 135.80. The stock increased 11% during the last three days, but it soared by 54% over the previous three months. Compared to this, the BSE Sensex rose 7% in just three months.
The board will also consider future strategic initiatives, including potential fund raising, in their upcoming meeting on Monday, October 31, 2022, according to LT Foods, which produces and sells rice under the Daawat brand. On the same day, the firm will also review, approve, and consider declaring an interim dividend as well as the unaudited financial statements for the quarter ending September 30, 2022.
At 2:30 PM on thursday, LT Foods was trading 3% higher at Rs133.75, outperforming the S&P BSE Sensex’s 0.8% gain. With a combined 8.1 million shares touching hands on the NSE and BSE, the counter’s typical trading volumes more than doubled.
According to the management, LT Foods is the largest selling basmati brand in the US with a 50% market share in FY22 and the second-largest participant in the market for branded basmati rice in India with a market share of roughly 27%. Nine brands make up the company’s robust product line, with the flagship brand Dawaat garnering a high recall rate. The company has a history in the basmati rice market spanning more than 50 years.
Only select regions of India and Pakistan can cultivate basmati rice, which is one of the most costly varieties worldwide and only makes up around 2% of home consumption. Basmati rice is a geographical indicator product.
IIFL Customer Care Number 
IIFL Capital Services Support WhatsApp Number
