Global financial services group Nomura raises stake in multibagger stock Mishtann Foods

Mishtan Foods is renowned for its agri food product portfolio. The company has special focus on Basmati rice varieties. Apart from this, it also has a significant presence in the wheat, pulses and spices segments. Its 100,000 metric tonnes per annum rice processing facility is located near Ahmedabad.

The company said in the filing that the management is optimistic about the growth in its revenue with the recent positive steps.

FMCG major Sweet Foods has informed that global financial services group Nomura Singapore Ltd ODI has increased its stake in the company. According to a regulatory filing dated May 24, Nomura Singapore’s holding now stands at 1.28 per cent or 1,28,25,854 shares.

The management has also announced that it intends to expand the portfolio by introducing new products like free flow iodized salt, crystal salt and rock salt for the domestic markets. It has also entered new markets like the North Eastern states as well.

Earlier in April, Mishton Foods set up a new subsidiary in UAE as a part of its expansion plan to focus on international business with increased exposure to various untapped markets. The company has a wide network of over 40,000 dealers across the country.

Meanwhile, shares of the Ahmedabad-based BSE-listed company rose over 6 per cent on Wednesday led by increased daily volumes. According to the exchange, the stock has been on a downtrend in one year as it has declined 35 per cent. In two years, the shares of the FMCG company have jumped nearly 250 per cent.

As per the shareholding pattern, promoters and non-institutional investors hold around 49 per cent stake in the company. In the third quarter of FY2023, Hitesh Kumar Patel, promoter and director of Mishtan Foods, increased his stake by making an open market purchase.

 

 

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