Hindustan Foods locked at 10% upper circuit as Co start production of pest care products
Share price of Hindustan Foods has locked at 10 percent upper circuit on Thursday as it has started commercial production of pest care products.
There were pending buy orders of 1,828 shares, with no sellers available.
The company has acquired the Pest products manufacturing unit at IGC II, SIDCO Samba, J&K from Reckitt Benckiser (India) (RBIPL) on a going concern basis and started commercial production from January 2, 2018.
The manufacturing unit will supply the Pest care products to RBIPL and the company to achieve a turnover of Rs 125 crore annually from this unit, as per company release.
The company has entered into a 7 years committed supply agreement with RBIPL and hope to have a minimum revenue in the range of Rs 750 crore to Rs 850 crore during the entire agreement period, it added.
At 10:40 hrs Hindustan Foods was quoting at Rs 376.20, up Rs 34.20, or 10 percent. It has touched a 52-week high of Rs 376.20 on the BSE.
Posted by Rakesh Patil