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LT Foods soars on getting nod to consolidate its international business

20 Aug 2019

LT Foods is currently trading at Rs. 22.60, up by 0.40 points or 1.80% from its previous closing of Rs. 22.20 on the BSE.

The scrip opened at Rs. 23.50 and has touched a high and low of Rs. 23.50 and Rs. 22.55 respectively. So far 30171 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 59.45 on 20-Aug-2018 and a 52 week low of Rs. 18.00 on 31-Jul-2019.

Last one week high and low of the scrip stood at Rs. 23.45 and Rs. 20.00 respectively. The current market cap of the company is Rs. 726.05 crore.

The promoters holding in the company stood at 56.17%, while Institutions and Non-Institutions held 10.77% and 33.06% respectively.

LT Foods has received approval for transfer of investments in LT Foods International, UK, a wholly owned subsidiary of the company, to LT Overseas North Americas Inc., USA, another wholly owned subsidiary of the company at fair value as determined by an independent merchant bank, with an intent to consolidate its international business. The Board of Directors of the company at its meeting held on August 19, 2019 has approved the same.

The above-mentioned transfer is a first step towards the long-term goal of the company to consolidate its global businesses under one entity, thereby make its overseas business structure leaner.

LT Foods is a branded specialty foods company. It is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market.

Related LT Foods Ltd. Links:

LT Foods Share Price

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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