L T Foods rose 5.19% to Rs 243.40 at 12:00 IST on BSE after the company announced its collaboration with DSM Nutritional Products for introducing new products.
The announcement was made after market hours on Monday, 25 January 2016.Meanwhile, the BSE Sensex was up 39.21 points, or 0.16%, to 24,525.16.
On BSE, so far 930 shares were traded in the counter, compared with an average volume of 12,853 shares in the past one quarter. The stock hit a high of Rs 245 and a low of Rs 235 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 96 on 26 March 2015. The stock had underperformed the market over the past one month till 25 January 2016, sliding 14.83% compared with 5.24% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 0.69% as against Sensex's 10.87% fall.
The small-cap company has an equity capital of Rs 26.45 crore. Face value per share is Rs 10.
L T Foods has initiated a dialogue with DSM Nutritional products to introduce fortified rice as a new offering in the nutritional range, thereby expanding the overall product portfolio of the company. It is intended to offer rice based nutrition products for both the social sector through government/NGO/UN channels as well as through the open market channels by leveraging the strong relationship with its customers, L T Foods said. This venture will strengthen the company's presence in nutritional product segment where it currently offers products like brown basmati rice, the company said. The target audience of new product is every household in general, specifically young children and young mothers, it added.
DSM Nutritional Products offers nutritious, safe and affordable solutions tailored to the needs of local communities in the developing world, with a special focus on women and children.
On a consolidated basis, net profit of L T Foods rose 19.80% to Rs 22.87 crore on 2.85% rise in net sales to Rs 688.68 crore in Q2 September 2015 over Q2 September 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.
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