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Bikaji Foods Int’l share hits record high on incorporating unit; details
Source: Business Standard
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Bikaji Foods International hits all-time high: Snacks company Bikaji Foods International Limited (BFIL) shares jumped as much as 4.20 per cent to hit a fresh all-time high of Rs 987.95 per share on Monday, September 23, 2024.
The shares of the snack manufacturer surged after the company announced that it has secured Ministry of Corporate Affairs (MCA) approval to incorporate a wholly-owned subsidiary, Bikaji Foods Retail Limited (BFRL).
In an exchange filing, Bikaji Foods International said, “We hereby inform you that the Ministry of Corporate Affairs (MCA) has approved the incorporation of Wholly Owned Subsidiary of the Company in the name and style of “Bikaji Foods Retail Limited” on Friday, September 20, 2024.”
“BFRL will be dedicated to present a significant strategic opportunity to achieve the objective of diversification, by pursuing the new business ventures specifically in the areas of café, quick service restaurants (QSRs), restaurants, tavern, food catering services, snacks catering services, ice cream catering services, food chain, travel catering, kiosk, mobile food station, canteens, opening outlets, etc. and investment thereto,” Bikaji Foods International said in a statement.
Bikaji Foods International Limited is among the leading Indian companies specialising in the production and sale of a wide range of ethnic snacks, sweets, and other food items. Its product lineup includes popular items such as bhujia, namkeen, papad, frozen foods, and cookies.
With a strong export presence, Bikaji Foods serves customers in over 25 countries across North America, Asia Pacific, the Middle East, the European Union, Africa, and the United Kingdom.
Founded in the late 1980s by Shivratan Agarwal, the company derives its name from Bika Rao, the founder of Bikaner, with “Ji” being a term of respect in India.
Bikaji Foods operates six manufacturing facilities, primarily located in Bikaner, along with additional sites in Guwahati, Tumakuru, Kolkata, and Mumbai.
Recognised as one of India’s largest fast-moving consumer goods (FMCG) brands, it holds the distinction of being the world’s largest producer of bhujia and the second-largest manufacturer of handmade papad in the country.
At 10:28 AM, shares of Bikaji Foods International were trading 2.65 per cent higher at Rs 973.25 per share. In comparison, BSE Sensex was trading 0.25 per cent higher at 84,753.22 levels.
First Published: Sep 23 2024 | 10:33 AM IST
