Prataap Snacks Shares Gain After J&K Production Unit Comes Online
The new unit has a production capacity of 10,000 metric ton per annum.
Shares of Prataap Snacks Ltd. rose on Wednesday after it started a commercial production unit at Samba in Jammu and Kashmir.
The unit will produce namkeen snacks, fried namkeen pellets, and other snacks including popcorn, according to an exchange filing. The unit has a production capacity of 10,000 metric tonne per annum.
Shares of Prataap Snacks Ltd. rose 6.84%, the highest since March 12, before paring gains to trade 1.96% higher as of 10:26 a.m. This compares to 0.64% advance in the NSE Nifty 50.
The stock has risen 42.95% in past 12 months. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 37.41.
Of the three analysts tracking the company, two maintain a 'buy' rating, and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 19.9%.