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.
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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