Shares of this FMCG company jumped 4 percent in Tuesday’s trading session after receiving a “Geographical Indication”( GI) in Jammu and Kashmir for Basmati Rice by APEDA. The shares have delivered more than a 30 percent return in one month.
With a market capitalisation of Rs. 611 crores, the shares of Sarveshwar Foods Ltd started Tuesday’s trading session on a higher note at Rs. 6.25 compared to its previous close of Rs. 6. The shares hit a high of Rs. 6.30, gaining 4 percent and are currently trading at Rs. 6.25 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it has been granted 1st “Geographical Indication”(GI) tag in Jammu & Kashmir for Basmati Rice by APEDA (Ministry of Commerce & Industry, Govt. of India).
With this, Sarveshwar Foods Limited became the 1st and only company based in the Jammu and Kashmir region with the GI tag for Basmati rice for export purposes.
A product with a GI Tag is recognised as a genuine and authentic product by consumers in the international market and enables the company to penetrate deeper into the international markets, and extend its product franchise across the globe.
Coming onto the company’s financial statements, the revenue increased by 9 percent from Rs. 187.68 crores in the June quarter to Rs. 205 crores in the September quarter. In addition, the net profits magnified by 67 percent from Rs. 2.90 crores to Rs. 4.83 crores during the same timeframe.
The company has two state-of-the-art Buhler German Rice milling plants in Jammu with Parboiling Plants, Grain storage Silos, Warehousing capacity of 3,00,000 Sq.Ft. with ultra-modern packaging plants on 24 acres of Land.
Furthermore, The company has a network of 120 distributors spread across 15 states in India. It has a direct retail coverage of 12,000 and also has a presence in e-commerce and modern trade. It also exports to more than 10 countries including the USA, China, Middle Eastern countries and Europe.
Headquartered in Jammu, Sarveshwar Foods incorporated in 2004 in Jammu & Kashmir, is engaged in the manufacturing, trading and export of Basmati rice, which is a long grain rice with a fine texture.
Written By Vaibhav Patil
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