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Hindustan Foods has surged 12%? know why?
Last Updated: 10th December 2022 - 03:58 am
It is involved in the manufacturing of products across categories like personal care, home care, and food and beverages for FMCG companies.
On November 11, the market is trading in the green. At 1:36 pm, the S&P BSE Sensex is trading at 61661.36, up 1.73%, while NIFTY50 is up 1.56% and trading at 18310. About sectoral performance, IT and Realty outperformed the market, while Auto and FMCG are among the top losers. Regarding stock-specific action, Hindustan Foods Ltd is among the top-performing stock.
Shares of Hindustan Foods Ltd have surged 20% and are trading at Rs 676.95, as of 1:36 pm. The stock opened at Rs 504.65 and made an intraday high and low of Rs 566 and Rs 498.65, respectively.
Hindustan Foods Ltd primarily has 17 plants located across India and operates as a contract manufacturer. It is involved in the manufacturing of products across categories like personal care, home care, and food & beverages for FMCG companies. The company is also engaged in leather shoes & accessories, detergents, and pest control product business.
Hindustan Food limited has partnerships with marquee players like Dmar, Hindustan Unilever Limited, Marico, Scholl, Arvind, Wipro, Dmart, ITC Limited, Godrej, Reckitt, etc. It acts as a contract manufacturer for international apparel brands like Hush Puppies, Gabor, Steve Madden, Arrow, U.S. Polo, and Louis Philippe.
Hindustan Food was founded in 1988 as a joint venture with Glaxo India Limited and Dempo group. About the current shareholding pattern, 64.85% of the company’s stake is owned by the promoters, 6.04% by FIIs, 6.55% by DIIs, and the rest 22.56% by non-institutional investors.
The company has a market capitalisation of Rs 6318 crore and is currently trading at a PE multiple of 109x. The stock has a 52-week high and low of Rs 569 and Rs 325, respectively.
The company recently announced its September quarterly results. For the Q2FY23 quarter, the company revenue increased by 40.49% YoY to Rs 661.79 crore from Rs 471 crore, reported in Q2FY22. While the net profit jumped by 62.5% YoY and came in at Rs 18.93 crore.
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