IFB Agro rises on plan to set up LLC in UAE

IFB Agro Industries rose 1.71% to Rs 433.80 at 14:50 IST on BSE after the company said its board approved setting up a limited liability company for distribution of seafoods products in UAE.

The announcement was made on Saturday, 23 February 2019.

Meanwhile, the S&P BSE Sensex was up 261.72 points, or 0.73% to 36,133.20.

On the BSE, 234 shares were traded in the counter so far compared with average daily volumes of 1459 shares in the past two weeks. The stock had hit a high of Rs 435.45 and a low of Rs 412 so far during the day. The stock hit a 52-week high of Rs 885.60 on 12 April 2018. The stock hit a 52-week low of Rs 388 on 21 February 2019.

IFB Agro Industries said that its board of directors in its meeting held on 22 February 2019 has approved the formation of limited liability company (IFB Agro Marine LLC) in UAE, by its wholly-owned subsidiary, IFB Agro Marine FZE, in SAIF ZONE, Sharjah, UAE to carry the business of distribution of seafood products in the local markets of UAE.

Net profit of IFB Agro Industries declined 25% to Rs 3.99 crore on 11.70% rise in net sales to Rs 210.75 crore in Q3 December 2018 over Q3 December 2017.

IFB Agro Industries manufactures and distributes grain alcohol, DDGS, CO2, organic manure, alcoholic beverages, aqua feed and processed frozen shrimps for domestic and export markets.

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