Integra Essentia shares hit upper circuit for second session; here's what fuelling the upward move

Shares of Integra Essentia Ltd extended its rally for the second straight session as the counter hit an upper circuit on Friday as well. The stock was locked in the buyer's circuit in the previous trading session Thursday as well after the company bagged an order to supply food products.

Integra Essentia has bagged fresh orders valued at about Rs 12 crore from Himalayan Bio Organic Foods and Sarveshwar Overseas for supplying premium rice and cashew nuts to an exporter Ayush International, the company said in the exchange filing with the bourses.

"The company will complete servicing these current orders within the month of September 2023 whereas with the completion of these orders, the company will hit the targeted Rs 60 crore of sales during the Q2 and gross sales of Rs 117 crore during the current financial year so far," the filing added.

Following the announcement, shares of Integra Essentia hit an upper circuit of 5 per cent to Rs 6.87, commanding a total market capitalization of more than Rs 310 crore. The scrip had settled at Rs 6.55 on Thursday, 5 per cent higher. The stock has gained more than 13 per cent in the last five sessions.

Integra Essentia is eying to achieve Rs 270 crore in sales during this current financial year registering a growth of about 15 per cent as compared to the last fiscal year ended on March 31, 2023. Integra Essentia also has plans to fuel the growth with diversifying the product portfolio while also exploring opportunities to strengthen the core via acquisitions/mergers, said the company.

The New Delhi-based company was renamed to 'Integra Essentia' in February 2022, which is engaged in the business of life essentials including agro, health & nutrition, clothing, energy & infrastructure, bulk Materials and other lifestyle related products.

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