Mishtann Foods shares up 75% in a month; stock rebounds today after profit booking

Shares of Mishtann Foods have been on a roll for the last one month as the stock has risen more than 75 per cent in the given period. The stock hit its 52-week high on Tuesday, before witnessing some profit booking on Wednesday, which dragged it lower.

Mishtann Foods hit 52-week at Rs 12.55 on Tuesday, June 20, while the stock tested its 52-week low at Rs 7.09 on May 23 this year. The stock has rebounded over 75 per cent from its 52-week lows amid the plans of expansion into new segments and geographies and buying interest from the global investors.

Shares of Mishtann Foods dropped more than 4 per cent on Wednesday, before robounding to Rs 12.01 at 12.40 pm. The stock had settled at Rs 12.07 on Tuesday. The company was commanding a total market capitalisation of close to Rs 1,200 crore.

The homegrown FMCG player, which deals in various types of Basmati rice, is also looking to enter new markets within India and across the globe. It is eyeing geographical expansion in North East India, Africa and the Middle East.

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.

Overseas investors Nomura Singapore raised its stake in Mishtann Foods to 1.38 per cent, or more than 1.38 crore equity shares. The FMCG product company is also eyeing to introduce new products in the domestic market like free flow iodized salt, crystal salt and rock salt.

Mishtann Foods is a FMCG company with primary focus on various types of Basmati rice, with a sizable presence in wheat and pulses segment. Mishtann Foods 100,000 metric tonne per annum rice processing facility is strategically located near Ahmedabad, Gujarat.

Also read: Reliance Industries shares at Rs 3,450? Jefferies' upside scenario for RIL assumes possible Jio listing, tariff hikes