Bikaji Foods Stocks Surge 10 Per Cent For The Second Straight Day
The company’s shares have surged 21 per cent in the past two trading days and it’s 27 per cent higher than its issue price of Rs 300 per share
Bikaji Foods International’s stocks jumped 10 per cent for the second straight day. Bikaji Foods’ shares hit a new high at Rs 379.20 on the National Stock Exchange (NSE) in Thursday’s intra-day trade. The company’s shares have surged 21 per cent in the past two trading days and it’s 27 per cent higher than its issue price of Rs 300 per share. Bikaji Foods debuted in the markets on November 16.
At 10:44 am, the stock quoted 9 per cent higher at Rs 375.15, as compared to a 0.56 per cent rise in the Nifty 50. A combined 79 lakh equity shares had changed hands on the NSE and BSE.
The NSE bulk deal data showed that Bikaji Foods’ 17.4 lakh equity shares were purchased by Goldman Sachs Funds - Goldman Sachs India Equity Portfolio on November 16 at a price of Rs 324.50 per share via open market deals.
Founded in 1986 by Shiv Ratan Agarwal, who traces his lineage back to Gangabishan Agarwal, the founder of the Haldiram brand, the company today claims to be the third-largest ethnic snack company in India.
Bikaji is the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes and is a leading maker of packaged rasgulla, soan papdi, and gulab jamun. Namkeen is the highest-selling category followed by bhujia (35.6 per cent), sweets (34.9 per cent), papad (12.7 per cent), and others (10 per cent) to total sales in FY22.
In the IPO note the brokerage firm Ventura had said that with the new capacities in place and upcoming facilities in Rajasthan and Bihar, the management is upbeat about maintaining more than 20 per cent revenue CAGR in the next 3-4 years. In addition, lower capex requirements and price hikes to protect gross margins at 30 per cent are expected to maintain healthy profitability and cash flow.
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