A wheat and pulse processing company, Sita Shree Food Products, has hit an intraday high of Rs 46.65 before closing the day at Rs 43.90, up 46.33% over its offer price of Rs 30. It traded with volumes of 3,79,84,808 shares on the BSE.
Dinesh Agarwal, Managing Director of Sita Shree Food Products sees his company’s FY09 sales at Rs 175 - 200 crore. He estimates the company’s profits at Rs 4.5- 5 crore. Speaking to CNBC-TV18, Agarwal said that in FY09, 75% of their revenues would be through trading, and 25% through manufacturing.
The company is looking to increase exports significantly in FY09, Agarwal added.
On the NSE, the stock surged by 45.67% to settle at Rs 43.70. It traded with volumes of 3,53,54,825 shares and witnessed a turnover of Rs 153.22 crore. Sita Shree has touched a high/low of Rs 46.70 and Rs 33.95, respectively.
The company had entered capital market with an IPO of 1.16 crore equity shares of Rs 10 each. The issue was subscribed 2.44 times.
Sita Shree is in the business of wheat and pulse processing. The product portfolio of the company consists of wheat flour, maida, rawa, daliya, suji, chana dal etc. These products are marketed under its own brand like Sita Shree, Regular and Sita Shree Gold.
Source: Moneycontrol.com
Tuesday, April 8, 2008
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