LT Foods rallies on acquisition of 817 Elephant rice brand

The stock surged 8% to Rs 307 after the company said it has acquired iconic brand 817 Elephant brand of rice through its UK subsidiary LT Foods International Limited.

LT Foods has rallied 8% to Rs 307 on the BSE in intra-day trade after the company announced that it has acquired iconic brand 817 Elephant rice through its United Kingdom (UK) subsidiary LT Foods International Limited.

The acquisition is to further strengthen its existing presence in Canada, USA and Israel, LT Foods said in a BSE filing.

In last month, June 29, LT Foods has incorporated a subsidiary in UK for strengthening its presence in Europe and was evaluating the option to set up a facility in Europe to more effectively service customers in International markets.

LT Foods is engaged in the manufacture and sale of rice under the brand DAAWAT. They also manufacture and market parboiled rice. Their product is marketed in more than 50 countries.

At 10:34 AM, the stock was up 7% at Rs 303 on the BSE. A combined 242,241 equity shares changed hands on the counter on the BSE and NSE so far.