On Tuesday, shares of one of India’s leading FMCG company jumped 4 percent to Rs 14 per share after a Singapore-based FPI increased its stake in the company.
At 12:05 p.m. on the Bombay Stock Exchange, Mishtann Foods Ltd shares were trading at Rs 13.75 a share, up 1.48 percent from the previous close price. The company has a market capitalization of Rs 689 crore.
According to the company’s filing, Nomura Singapore Ltd. ODI increases its shareholding to over 2 percent of total share capital. Nomura Singapore Ltd. ODI has hiked its stake in Mishtann Foods Ltd. from 1.28 percent (12825854 shares) to 2.19 percent (21882762 shares).
The stock has increased 52 percent in the previous six months and 65 percent in the last year. Mishtann Foods Ltd produces and processes rice, wheat, and is one of India’s top brands of basmati rice.
The company’s net profit for the June quarter fell by 64 percent to Rs 4 crore in Q1FY24, compared to Rs 11 crore in the corresponding quarter of the previous year(Q1FY23), while revenue fell by 49 percent to Rs 80 crore in the latest quarter, compared to Rs 158 crore in the same quarter last year.
The company’s profitability metrics have increased over the years, with the return on equity standing at 33.23 percent and the return on capital employed at 52.44 percent.
In FY 22-23, company’s revenue increased by 30 percent year on year to Rs 650 crore from the previous year. Similarly, net profit grew by 58 percent to Rs 49 crore.
As per current shareholding pattern, the promoters own 49.82 percent of the company,Foreign institutional investors own 1.58 percent while retail investors own 48.62 percent.
Written by Omkar Chitnis
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