PremiumMishtann Foods share price is giving sharp upside moves after hitting 52-week low of ₹7.80 apiece in July 20220. While this rebound in ₹10 stock is catching attention of retail investors, promoters are also looking to cash-in this big opportunity. Like retail investors company promoter Hiteshkumar Patel is also among the bargain hunters of this stock. The company promoter has been busy doing bottom-finishing in the scrip since 15th November 2022 raising his stake in the FMCG company to 49.37 per cent.
As per the information available on BSE website, Promoter & Director of the company Hiteshkumar Patel has hiked his stake in the company through open market purchase. Hiteshkumar picked up multiple chunks of shares since 15 November, 2022 and is still buying daily, brining his stake to 49.37 per cent.
Advising bottom-finishing and reasons for rebound in this ₹10 stock from 52-week low, Ravi Singh, Vice-President and Head of Research at Share India said, “Mishtann Foods has given robust sales figures and steady revenue growth throughout the quarters due to its sustainable business model. The positive outlook of the FMCG sector is well supporting the stock. The company’s continuous investments, launches of new products and order book are expected to improve the financials further in coming quarters. Mishtann foods stock is showing strength on daily chart and the stock has potential to touch the levels of ₹11 to ₹12 apiece levels in near term."
Mishtann Foods has informed Indian stock market exchanges that it has executed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up India's biggest Grain Based Ethanol project of 1000 KLPD in Gujarat. The proposed project is likely to incur a cost of ₹2,250 to the company, with an estimated annual revenue projection of ₹3,500 crore for the company. Mishtann is aiming to commence the operations of the plant from the second quarter of 2024, an official statement said.
The company is planning to set up its manufacturing facility in Dalpur village of Sabarkantha district of Gujarat.
The BSE listed stock ended with a market cap of ₹505 crore and its trade volume on Friday stood at 60.95 lakh, which is because of spurt in volume of the stock in recent sessions. Book value per share of the stock is 1.01. Its 52-week high is ₹19.55 apiece whereas its 52-week low is ₹7.80 per share.
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