LT Foods heads north after entering into JV with Japanese firm

LT Foods rose 2.43% to Rs 257 on BSE after the company entered into joint venture with KAMEDA SEIKA of Japan to manufacture and market rice based snacks in India.

The joint venture (JV) will start manufacturing the snack range in Sonepat later in the financial year ending 31 March 2018 (FY 2018). The announcement was made during market hours today, 24 November 2016.

Meanwhile, the S&P BSE Sensex was down 191.64 points or 0.74% at 25,860.17

On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 1,709 shares in the past one quarter. The stock hit a high of Rs 280 and a low of Rs 253 so far during the day. The stock had hit a record high of Rs 319.20 on 20 July 2016. The stock had hit a 52-week low of Rs 180 on 12 February 2016. The stock had outperformed the market over the past 30 days till 23 November 2016, falling 7.07% compared with the 7.26% decline in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 13.44% as against Sensex's 6.41% decline.

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

On consolidated basis, LT Foods' net profit rose 9.36% to Rs 25.01 crore on 20.41% growth in net sales to Rs 829.24 crore in Q2 September 2016 over Q2 September 2015.

LT 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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