Prataap Snacks gains as subsidiary begins production

Prataap Snacks rose 1.66% to Rs 1,199.55 at 11:35 IST on BSE after the company said that its wholly owned subsidiary has commenced commercial production.

The announcement was made after market hours on Friday, 17 November 2017.

Meanwhile, the S&P BSE Sensex was down 5.30 points or 0.02% at 33,337.50. The S&P BSE Small-Cap index was up 86.92 points or 0.49% at 17,692.05.

On the BSE, 1,248 shares were traded in the counter so far, compared with average daily volumes of 3,751 shares in the past two weeks. The stock had hit a high of Rs 1,217.75 and a low of Rs 1,174.75 so far during the day. The stock had hit a record high of Rs 1,317.05 on 5 October 2017. The stock had hit a record low of Rs 1,102 on 31 October 2017.

The small-cap company has equity capital of Rs 11.73 crore. Face value per share is Rs 5.

Prataap Snacks said that the company's wholly owned subsidiary Pure N Sure Food Bites has commenced its commercial production and launched Yum-Pie, a variety of sweet snacks, under the brand name Rich Feast.

Shares of Prataap Snacks settled at Rs 1,178.30 on 5 October 2017, a premium of 25.62% over the issue price of Rs 938 on its debut on the stock exchanges.

On a consolidated basis, Prataap Snacks' net profit fell 63.9% to Rs 9.89 crore on 19.4% growth in net sales to Rs 903.92 crore in FY 2017 over FY 2016.

Prataap Snacks makes potato chips and a variety of savouries under the brand name Yellow Diamond. It also plans to expand into confectionaries and health snacks.

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