L T Foods gains after incorporating subsidiary in UK

L T Foods rose 3.89% to Rs 248.50 at 11:15 IST on BSE after the company said that it has incorporated a subsidiary named as LT Foods International in United Kingdom for strengthening its presence in Europe.

The announcement was made after market hours yesterday, 29 June 2016.

Meanwhile, the BSE Sensex was up 197.71 points, or 0.74%, to 26,938.10.

Higher volumes were witnessed on the counter. On BSE, so far 18,486 shares were traded in the counter, compared with an average volume of 4,749 shares in the past one quarter. The stock hit a high of Rs 257.20 and a low of Rs 248 so far during the day. The stock hit a record high of Rs 314.40 on 24 November 2015. The stock hit a 52-week low of Rs 144 on 25 August 2015. The stock had underperformed the market over the past one month till 29 June 2016, falling 2.51% compared with Sensex's 0.33% gains. The stock had, however, outperformed the market in past one quarter, advancing 9.22% as against Sensex's 7.39% rise.

The small-cap company has an equity capital of Rs 26.66 crore. Face value per share is Rs 10.

L T Foods added that it is evaluating the option to set up a facility in Europe to more effectively service customers in International markets.

On a consolidated basis, net profit of L T Foods fell 74.4% to Rs 5.55 crore on 14% rise in net sales to Rs 805.13 crore in Q4 March 2016 over Q4 March 2015.

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.

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