LT Foods rises 7% as co to make investment in its subsidiary
Share price of LT Foods rose 7 percent intraday Thursday after company has decided to make an investment in its subsidiary company.
The company in its board meeting has decided to make an investment of Rs 20,00,00,000 in the form of preference shares in its majority owned subsidiary company Daawat Foods (DFL) to strengthen the balance sheet of DFL and improve its current ratio.
Daawat Foods serves as manufacturing arm of LT Foods. In FY 2018, Daawat Foods reported a revenue of Rs 912 crore (5 year CAGR of more than 15%), EBITDA of Rs 105 crore and PAT of Rs 33 crore, company said in release.
At 12:18 hrs LT Foods was quoting at Rs 38.05, up Rs 1.15, or 3.12 percent on the BSE.
The share touched its 52-week high Rs 99.75 and 52-week low Rs 31.50 on 10 April, 2018 and 26 February, 2019, respectively.
Currently, it is trading 62.01 percent below its 52-week high and 20.32 percent above its 52-week low.