Following the announcements, shares of Mishtann Foods jumped about 7 per cent to Rs 7.57 on Wednesday, commanding a total market capitalization of more than Rs 760 crore. Shares of Mishtann Foods jumped as much as 7 per cent during the volatile trading session on Wednesday, thanks to multiple factors driving the rally. The packaged food products player is eyeing to introduce new products and aims to increase its presence in Africa. Also, FIIs increase stake in the company. The homegrown FMCG player, which deals in various types of Basmati rice, is looking to introduce new products for domestic markets, like free-flow iodized salt, crystal salt and rock salt. The company has ventured into new markets including North-East India, the company said in an exchange filing. The company, through its wholly-owned subsidiary Grow and Grub Nutrients FZ, intends to focus on international trade with increased exposure in various untapped markets. The company is looking to take advantage of the increased demand for rice across Africa, after the United Arab Emirates (UAE) in the Middle-East. Nomura Singapore has increased its stake in Mishtann Foods. The global fund house owns a 1.28 per cent stake, or 1,28,25,854 equity shares of the company, the exchange filing added. Other than Basmati rice, Mishtann Foods also has a sizable presence in the wheat, pulses and spices segment. Following the announcements, shares of Mishtann Foods jumped about 7 per cent to Rs 7.57 on Wednesday, commanding a total market capitalization of more than Rs 760 crore. The scrip had settled at Rs 7.10 on Tuesday. The stock has jumped about 220 per cent in the last two years from its price of Rs 2.37 in May 2021. Mishtann Foods has a rice processing facility located near Ahmedabad with a capacity of 100,000 metric tonnes per annum. The company claims that all of its products are grown using environmentally friendly farming practices and carefully processed and packaged to preserve their freshness and nutritional value.