Shares of this microcap company jumped around 2 percent in Monday’s trading session after securing a contract to supply Steamed Basmati Rice. The shares have delivered more than 60 percent returns to its shareholders in six months.
With a market capitalization of Rs. 837 crores, the shares of Sarveshwar Foods Ltd started Monday’s trading session on a higher note at Rs. 8.60, gaining around 2 percent compared to its previous close of Rs. 8.45 apiece and closed the day at Rs. 8.50 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had secured a contract from the esteemed Shri Mata Vaishno Devi Shrine Board in Jammu and Kashmir. Under this contract, the company will supply its premium Steamed Basmati Rice to the renowned pilgrimage destination.
On this occasion, Mr Rohit Gupta, Chairman, of Sarveshwar Group, said, “We are excited and honoured to have been chosen by the Shri Mata Vaishno Devi Shrine Board to supply our Steamed Basmati Rice. This development highlights our commitment to providing premium-quality products and serving our esteemed customers with distinction.”
Earlier, the company was awarded bids to supply 90,000 Quintal of premium white rice to Africa through the government’s nodal agency NAFED amounting to approx. 6 Million USD (Rs. 50 crores).
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, Sarveshwar Foods 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 was incorporated in 2004. The company is engaged in the business of manufacturing, trading, processing, and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets.
Written By Vaibhav Patil
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