LT Foods boils after announcing inauguration of rice plant

LT Foods advanced 3.19% to Rs 66.40 at 09:17 IST on BSE after the company announced that it is inaugurating rice plant at Rotterdam, Netherlands on 28 June 2017.

The announcement was made on Sunday, 25 June 2017. Stock markets remained closed on Monday, 26 June 2017, for a local holiday.

Meanwhile, the S&P BSE Sensex was up 127.68 points, or 0.41%, to 31,265.89. The S&P Small-Cap index was up 42.67 points, or 0.28%, to 15,424.57.

On BSE, so far 12,000 shares were traded in the counter, compared with average daily volume of 1.53 lakh shares in the past one quarter. The stock hit a high of Rs 66.60 and a low of Rs 65.70 so far during the day. The stock hit a record high of Rs 84.70 on 23 May 2017. The stock hit a 52-week low of Rs 21.11 on 9 November 2016.

The small-cap company has equity capital of Rs 26.67 crore. Face value per share is Re 1.

LT Foods said that the company is inaugurating rice plant at Rotterdam, Netherlands in Europe with an initial processing capacity of 60,000 tonne on 28 June 2017. The company would be manufacturing a wide range of rice including popular varieties like Basmati, Thai, Jasmine and American rice from the new plant.

On consolidated basis, LT Foods' net profit rose 507.75% to Rs 33.73 crore on 19.5% growth in net sales to Rs 962.15 crore in Q4 March 2017 over Q4 March 2016.

LT Foods has a diversified product portfolio of branded basmati rice, value-added staples and organic food.

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