Hindustan Foods surges on planning merger to expand manufacturing footprint in Nashik
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Hindustan Foods is currently trading at Rs. 655.65, up by 3.15 points or 0.48% from its previous closing of Rs. 652.50 on the BSE.
The scrip opened at Rs. 662.75 and has touched a high and low of Rs. 678.00 and Rs. 625.00 respectively. So far 35647 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 679.15 on 23-Sep-2024 and a 52 week low of Rs. 460.75 on 28-Mar-2024.
Last one week high and low of the scrip stood at Rs. 679.15 and Rs. 610.30 respectively. The current market cap of the company is Rs. 7418.62 crore.
The promoters holding in the company stood at 63.81%, while Institutions and Non-Institutions held 16.45% and 19.73% respectively.
Hindustan Foods is planning to merge a promoter?owned entity to further expand its manufacturing footprint to Nashik, Maharashtra. The said unit is owned by Avalon Cosmetics (ACPL), a promoter owned company and is located in Sinnar MIDC, Nashik.
ACPL acquired this factory from Smith & Nephew, an Indo?German joint venture, in 2007?08. The facility, situated on 16 acres of land in MIDC, Sinnar, with over 100,000 square feet of built?up area, is a food manufacturing plant, producing nearly 5,000 tons of soups, meal?makers, energy beverages and other dry powder products annually, serving various FMCG companies in India. To facilitate business consolidation and leverage recent developments, the Board of Directors in a meeting held on September 24, 2024 decided to demerge ACPL's Nashik plant into Hindustan Foods.
Hindustan Foods specializes in setting up one-stop contract manufacturing solutions and the ability to consistently deliver quality products.
