Mishtann Foods shares up 23% in three weeks amid expansion plans, FII buying

Shares of Mishtann Foods have been rising higher at Dalal Street for the last three weeks as the stock has jumped more than 23 per cent during the period. The FMCG and packaged products manufacturer has been at the focus of overseas funds amid the expansion plans.

The homegrown FMCG player, which deals in various types of Basmati rice, is looking to introduce new products and enter new markets within India and across the globe. In the product line, it intends to add ee flow iodized salt, crystal salt and rock salt, while on a geographical basis it is looking for expansion in North East India, Africa and the Middle East.

Shares of Mishtann Foods rose 3 per cent on Friday to Rs 8.71. The stock has gained about 23 per cent in the last three weeks from its price of Rs 7.1 on May 23, Monday. The smallcap company commanded a market capitalization of Rs 864 crore.

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The company, through its wholly-owned subsidiary Grow and Grub Nutrients FZ, intends to focus on international trade with increased exposure in various untapped markets. The company is looking to take advantage of the increased demand for rice across Africa, after the United Arab Emirates (UAE) in the Middle East.

Nomura Singapore ODI, over the period, has increased its stake to 1.38 per cent (more than 1.38 crore shares) in the company.  Other than Basmati rice, Mishtann Foods also has a sizable presence in the wheat, pulses and spices segment.

Mishtann Foods reported a net profit of Rs 14.13 crore for the period ended on March 31, 2023, with a profit margin of 8.36 per cent for the given quarter. The company reported a net profit of Rs 13.15 crore in the March 2022 quarter.

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