Agro Tech Foods gains after completing purchase of land for expansion

Agro Tech Foods rose 3.48% to Rs 550 at 14:10 IST on BSE after the company said that it has completed purchase of land in Howrah, West Bengal for expansion in the eastern part of India.

The announcement was made by the company after market hours yesterday, 13 January 2016.

Meanwhile, the S&P BSE Sensex was up 10.07 points or 0.04% at 24,864.18.

On BSE, so far 2,123 shares were traded in the counter as against average daily volume of 2,709 shares in the past one quarter. The stock hit a high of Rs 555 and a low of Rs 526.25 so far during the day. The stock had hit a 52-week high of Rs 714.40 on 19 January 2015. The stock had hit a 52-week low of Rs 524.75 yesterday, 13 January 2016. The stock had underperformed the market over the past one month till 13 January 2016, falling 2.39% compared with Sensex's 0.76% fall. The scrip had also underperformed the market in past one quarter, declining 16.76% as against Sensex's 7.42% fall.

The mid-cap company has equity capital of Rs 24.37 crore. Face value per share is Rs 10.

Agro Tech Foods said that the company has on 13 January 2016 completed purchase of land in Howrah, West Bengal to an extent of 5.15 bigha (approx.1.7 acres) costing Rs 3.01 crore for expanding its manufacturing footprint in the eastern part of the country.

Agro Tech Foods' net profit fell 35.6% to Rs 5.13 crore on 1.2% rise in net sales to Rs 199.13 crore in Q2 September 2015 over Q2 September 2014.

Agro Tech Foods is engaged in the business of marketing food and food ingredients to consumers and institutional customers.

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