Shares of this FMCG stock under the ‘micro-cap’ category gained around 5 percent in Wednesday’s trading session after the company gave updates on setting up a new manufacturing unit in North East.
With a market capitalization of Rs 580 crores, the stocks of Annapurna Swadisht Limited opened their trading hour at Rs 329.55 and currently trades at Rs 333, gaining around 5 percent as compared to the previous close of Rs 317.30 apiece.
The company, in a recent filing with the National Stock Exchange (NSE) last week, intimated about a decision made to make an investment for the purpose of acquiring 100 percent of the paid-up and issued capital of “Annapurna Snacks Private Limited”.
The manufacturing setup is a step towards the company’s vision to expand in the Northern regions of the country. The above transaction is decided to be completed within one month from the date of approval.
The subscription to the shares will make the company a wholly-owned subsidiary for setting up a manufacturing unit in the North East. In the initial phase, the company will be investing Rs 1 lakh to acquire the whole paid-up and issued capital of Annapurna Snacks Private Limited.
During the recent financial years, the company reported tremendous growth in basic business indicators such as operating revenues and net profits. The former spiked from Rs 11 crores during FY21-22 to Rs 160 crores during FY22-23, and, the latter, moved up from Rs 1 crore to Rs 7 crores.
As per the shareholding pattern data for the quarter ended September 2023, the company’s Promoters hold a 48.96 percent stake, and the Public (retail) investors hold the remaining 51.04 percent stake in the company.
Annapurna Swadisht Limited is involved in the business of manufacturing snacks and other food products such as Fryums, cakes, candy, chips, and many more. Selling more than 12 lakh packets daily, the company’s products are marketed under its own brand names, viz, Jackpot, Rambo, Makeup Box, Dhamaka, Cream Filled Cake Vanilla, among others.
Written by Amit Madnani
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