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Bonus share 2:1, Stock Split 1:10 FMCG Stock: Stock Hits Upper Circuit Q3 Net Zooms 119.27%

A small-cap FMCG firm, experienced a 5% upper circuit in share prices on February 16, 2024. The last recorded trading price on BSE stands at Rs 10.69 per share, reflecting a 4.91% intraday rally. Notably, the company reported a net profit of Rs 1.92 crore for the quarter ending December 31, 2023, marking a significant 119.27% increase from the Rs 0.88 crore in the same quarter the previous year. Sarveshwar Foods Ltd.

BSE Sarveshwar Food price on 16th Feb 2024

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In the quarter under review, the company reported net sales of Rs 98.93 crore, reflecting a 17.54% increase from the Rs 84.17 crore recorded in December 2022. EBITDA for December 2023 stood at Rs 7.90 crore, marking an 84.58% rise compared to Rs 4.28 crore in December 2022. However, the company disclosed a decline in EPS to Rs 0.02 for December 2023, down from Rs 0.36 in December 2022.

The net sales for the reviewed quarter were reported at Rs 98.93 crore, reflecting a 17.54% increase from the Rs 84.17 crore in December 2022. EBITDA for December 2023 stood at Rs 7.90 crore, marking an 84.58% rise compared to Rs 4.28 crore in December 2022. The company stated a decline in EPS to Rs 0.02 for December 2023, down from Rs 0.36 in December 2022.

Sarveshwar Foods Stock Performance & Return:

On BSE, Sarveshwar Foods shares reached a 52-week high of Rs 10.69 per share and a 52-week low of Rs 2.07 per share. The company’s market capitalization stands at Rs 1046.35 crore. Over the past two weeks, Sarveshwar Foods stock witnessed a 32% surge, a 52% gain in the last month, a remarkable 112% upswing in the last three months, and an impressive 168% rally in the last six months. Over the course of the last year, Sarveshwar Foods shares experienced a substantial surge of 294%.

Sarveshwar Foods Bonus in 2023:

Sarveshwar Foods in 2023 recommended a 2:1 bonus share issuance, setting September 15 as the record date. In its regulatory filing, the Board of Directors adjusted the Record Date to Friday, September 15, 2023, to determine the eligibility of securityholders for the issuance of Bonus Equity Shares in the ratio of 2:1. This translates to receiving 2 Equity Shares for every 1 Equity Share with a face value of Re. 1/-, considering the post sub-division/split of the face value of equity shares.

Sarveshwar Foods Split 2023:

In 2023, Sarveshwar Foods announced a sub-division/split of its 1 Equity Share with a face value of Rs. 10/- each into 10 Equity Shares with a face value of Re. 1 each. This proposal was subject to approval from shareholders in the upcoming extraordinary general meeting and any other necessary approvals. The record date for the stock split, scheduled for September 15, would be communicated to the stock exchanges in due course.

Sarveshwar Food Granted by GI tag:

As of January 8, 2024, Sarveshwar Foods Limited announced that it has been granted the first Geographical Indication (GI) tag. The GI tag, bestowed by APEDA (Ministry of Commerce & Industry, Govt. of India), signifies the recognition of Sarveshwar Foods as the sole company based in the Jammu and Kashmir region with the GI tag for Basmati rice intended for export purposes. This accreditation follows a meticulous verification process by APEDA, assessing records, product quality, properties, origin, and the procurement and processing procedures employed by Sarveshwar Foods for its Basmati Rice. The company is now authorized to feature the GI tag on its packaging for export, as outlined in the press release.

About Sarveshwar Foods

Sarveshwar Foods is actively involved in the manufacturing, trading, processing, and promotion of both branded and un-branded basmati and non-basmati rice, catering to both domestic and international markets. Operating from India’s Jammu Region, SFL boasts a sustainable and eco-friendly legacy spanning over 130 years, dedicated to delivering healthy and delicious rice. Over the past few decades, the company has expanded its heritage into other premium FMCG and Organic product categories.

Situated in the foothills of the Himalayas, SFL’s roots extend to lands enriched by fertile mineral-rich soil, organic manure, and the pure waters of the Chenab River. Notably, the company refrains from using artificial fertilizers and chemicals in its production processes. Under the brand name ‘NIMBARK,’ SFL offers a comprehensive range of ‘ORGANIC’ products, embodying the philosophy of a ‘SATVIK’ conscious lifestyle.

Disclaimer: The stock just highlights the rally in share after update on Board Meeting and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.

(source:goodreturns)