Daawat Rice Maker LT Foods Hits Fresh High After Opening New UK Facility
LT Foods Ltd. stock rose to the highest level since listing after it opened a new facility in the United Kingdom to deepen its reach in the £1-billion market for rice and rice-based foods.
The owner of Daawat and Royal basmati rice brands has opened a state-of-the-art facility at Harlow, with a space of over 1 lakh square feet. LT Foods has invested £7 million in the facility, and aims to invest another £50 million in the coming years, according to an exchange filing.
LT Foods is expecting a revenue of £50 million in next two years from the new facility, with an ultimate aim of £100-million revenue in coming five years, the filing said.
The facility will help the company serve UK's rice market better, by manufacturing diverse range of rice products to meet customers' demand, it said.
Shares of LT Foods Ltd. rose 6.06%, the highest level since its listing on Dec. 18, 2006, before paring gains to trade 3.94% higher to Rs 291.55 per share at 10:09 a.m. This compares to a 0.26% advance in the NSE Nifty 50.
The stock has gained 125.05% in 12 months, and 43.7% year-to-date. Total traded volume so far in the day stood at 0.07 times its 30-day average. The relative strength index was at 76.07.
The one analyst tracking the company maintained a 'buy' rating, according to Bloomberg data.
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