L T Foods gains after entering into MoU with Future group

L T Foods rose 1.46% to Rs 230 at 14:50 IST on BSE after the company said that it has entered into an MoU with Future group to set up a joint venture.

The announcement was made during market hours today, 11 March 2016.

Meanwhile, the BSE Sensex was up 108.80 points, or 0.46%, to 24,736.26.

On BSE, so far 3,310 shares were traded in the counter, compared with an average volume of 3,239 shares in the past one quarter. The stock hit a high of Rs 235.70 and a low of Rs 226.30 so far during the day.

The small-cap company has an equity capital of Rs 26.45 crore. Face value per share is Rs 10.

L T Foods said that the joint venture will undertake the business of sourcing, manufacturing, marketing, sales, and distribution of regional rice like sona masoori rice/south Indian rice.

On a consolidated basis, net profit of L T Foods rose 55.2% to Rs 16.86 crore on 2.5% rise in net sales to Rs 725.99 crore in Q3 December 2015 over Q3 December 2014.

L T Foods offers branded basmati rice, value-added staples and organic food. L T Foods operations include contract farming, procurement, storage, processing, packaging and distribution. It is also engaged in research and development to add value to rice and rice food products.

Powered by Capital Market - Live News